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Soft Start Seen For Indonesia Stock Market

The Indonesia stock market climbed higher again on Thursday, one day after snapping the two-day winning streak in which it had climbed almost 130 points or 2.1 percent. The Jakarta Composite Index now rests just above the 6,150-point plateau and although it's likely to find renewed selling pressure on Friday.

The global forecast for the Asian markets suggests consolidation after the markets responded yesterday to the positive catalysts and are now overbought. The European and U.S. markets were up and the Asian bourses are due for profit taking.

The JCI finished sharply higher on Thursday following gains from the financial shares, cement companies and resource stocks.

For the day, the index jumped 87.95 points or 1.45 percent to finish at 6,153.63 after trading between 6,090.36 and 6,158.04.

Among the actives, Bank Mandiri collected 0.78 percent, while Bank CIMB Niaga spiked 3.02 percent, Bank Negara Indonesia rose 0.39 percent, Bank Rakyat Indonesia jumped 1.90 percent, Bank Central Asia was up 0.29 percent, Indosat surged 8.26 percent, Astra International dropped 1.22 percent, Indocement rallied 2.84 percent, Semen Indonesia accelerated 2.29 percent, Indofood Suskes added 0.37 percent, United Tractors perked 3.88 percent, Astra Agro Lestari climbed 1.76 percent, Aneka Tambang surged 17.12 percent, Vale Indonesia skyrocketed 13.36 percent, Timah soared 13.08 percent, Bumi Resources gained 2.82 percent and Bank Danamon Indonesia was unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Thursday and reached fresh record closing highs.

The Dow climbed 211.73 points or 0.69 percent to finish at 31,041.13, while the NASDAQ surged 326.69 points or 2.56 percent to end at 13.067.48 and the S&P 500 gained 55.65 points or 1.48 percent to close at 3,803.79.

The strength on Wall Street came as U.S. lawmakers certified President-elect Joe Biden's victory after the process was delayed by several hours as supporters of President Donald Trump stormed the U.S. Capitol building.

The certification of Biden's victory along with Democratic victories in Georgia's Senate runoff elections will give Democrats control of the House, Senate and the White House, which is expected to lead to additional stimulus.

In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, The Institute for Supply Management said service sector activity in the U.S. unexpectedly grew at a faster pace in December.

Crude oil futures ended higher on Thursday, extending gains to a third straight session, with the recent data showing a drop in stockpiles continuing to support prices. West Texas Intermediate Crude oil futures for February ended up $0.20 or 0.4 percent at $50.83 a barrel.

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