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Steady Start Called For Indonesia Stock Market

The Indonesia stock market has moved higher in three straight sessions, gathering more than 100 points or 1.7 percent along the way. The Jakarta Composite Index now sits just above the 6,070-point plateau and it's expected to move higher again on Friday.

The global forecast for the Asian markets is positive, with technology stocks expected to lead the way. The European and U.S. markets were up and the Asian markets are tipped to open in similar fashion.

The JCI finished modestly higher on Thursday following gains from the resource stocks and a mixed picture from the financial sector.

For the day, the index collected 35.10 points or 0.58 percent to finish at 6,071.72 after trading between 6,030.29 and 6,073.91.

Among the actives, Bank CIMB Niaga and Astra International both shed 0.47 percent, Bank Negara Indonesia collected 0.43 percent, Bank Central Asia tumbled 1.84 percent, Bank Mandiri lost 0.79 percent, Bank Rakyat Indonesia accelerated 3.57 percent, Indosat tanked 2.19 percent, Semen Indonesia and Astra Agro Lestari both dropped 0.97 percent, Indofood Suskes retreated 1.48 percent, United Tractors climbed 1.12 percent, Aneka Tambang surged 4.66 percent, Vale Indonesia rallied 2.99 percent, Timah jumped 1.89 percent, Bumi Resources soared 5.00 percent, Energi Mega Persada skyrocketed 8.26 percent and Bank Danamon Indonesia and Indocement were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Thursday - especially the tech-heavy NASDAQ.

The Dow added 57.31 points or 0.17 percent to finish at 33,503.57, while the NASDAQ jumped 140.47 points or 1.03 percent to end at 13,829.31 and the S&P 500 gained 17.22 points or 0.42 percent to close at 4,097.17.

The strength among tech stocks came following the Federal Reserve's repeated assurances that monetary policy is likely to remain unchanged for the foreseeable future.

Stocks saw continued strength following Federal Reserve Chair Jerome Powell's remarks, which said the economic recovery remains uneven and incomplete and that further coronavirus outbreaks could slow the pace of the recovery.

In U.S. economic news, the Labor Department said first-time claims for U.S. unemployment benefits unexpectedly increased last week.

Crude oil prices eased on Thursday, weighed down by concerns about the outlook for energy demand due to rising coronavirus cases and lockdown measures in several countries. West Texas Intermediate crude oil futures for May dipped $0.17 or 0.3 percent at $59.60 a barrel.

Closer to home, Indonesia will see March results for its consumer confidence index later today; in February, the index score was 85.8.

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