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Indonesia Shares Due For Consolidation On Tuesday

The Indonesia stock market has climbed higher in three straight sessions, collecting more than 315 points or 5 percent along the way. The Jakarta Composite Index now rests just above the 6,380-point plateau although investors figure to cash in on Tuesday.

The global forecast for the largely overbought Asian markets is negative, with profit taking expected to limit any upside. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The JCI finished sharply higher on Monday following gains from the financials, telecoms and automobile producers, while the cement companies were soft and the resource stocks were mixed.

For the day, the index spiked 125.10 points or 2.00 percent to finish at the daily high of 6,382.94 after trading as low as 6,278.37.

Among the actives, Bank Danamon Indonesia rallied 4.88 percent, while Bank Mandiri spiked 4.58 percent, Bank CIMB Niaga shed 0.50 percent, Bank Negara Indonesia collected 0.77 percent, Bank Rakyat Indonesia surged 5.92 percent, Bank Central Asia soared 4.18 percent, Astra International jumped 1.56 percent, Telkom Indonesia advanced 0.84 percent, Indocement skidded 1.01 percent, Semen Indonesia surrendered 2.43 percent, Indofood Suskes lost 0.74 percent, United Tractor tanked 2.66 percent, Astra Agro Lestari tumbled 2.31 percent, Bukit Asam gained 2.11 percent, Aneka Tambang sank 0.77 percent, Vale Indonesia plunged 3.85 percent, Timah declined 3.58 percent, Bumi Resources climbed 1.28 percent and Indosat was unchanged.

The lead from Wall Street is soft as stocks opened in the red on Monday, made back a bit of ground but still ended firmly in the red.

The Dow skidded 89.28 points or 0.29 percent to finish at 31,008.69, while the NASDAQ tumbled 165.54 points or 1.25 percent to end at 13,036.43 and the S&P 500 lost 25.07 points or 0.66 percent to close at 3,799.61.

Profit taking contributed to the initial weakness on Wall Street after the major averages climbed to new record closing highs last Friday as traders cashed in on recent gains.

Concerns about developments in Washington also weighed on stocks as Democrats prepare another attempt to remove President Donald Trump from office. House Democrats are preparing to once again impeach Trump even though the president has less than two weeks left in his term.

Crude oil futures settled flat on Monday as rising coronavirus cases and tighter lockdown measures across the world raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $52.25 a barrel, up 1 cent from the previous close.

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