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Indonesia Stock Market Likely To Crack 6,200-Point Barrier

The Indonesia stock market has finished higher in seven straight sessions, gathering more than 165 points or 2.9 percent along the way. The Jakarta Composite Index now rests just beneath the 6,200-point plateau and it may extend its gains again on Tuesday.

The global forecast for the Asian markets is upbeat on renewed optimism about a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The JCI finished slightly higher on Monday following mixed performances from the financial shares and cement stocks, while the resource plays were soft.

For the day, the index ticked up 7.04 points or 0.11 percent to finish at 6,198.99 after trading between 6,187.36 and 6,228.23.

Among the actives, Bank Danamon Indonesia shed 0.86 percent, while Bank Mandiri collected 0.37 percent, Bank Central Asia advanced 0.97 percent, Bank Negara Indonesia jumped 1.34 percent, Bank Rakyat Indonesia climbed 1.20 percent, Indosat fell 0.32 percent, Indocement lost 0.62 percent, Semen Indonesia gained 1.00 percent, Indofood Suskes dropped 0.99 percent, Bumi Resources sank 1.18 percent, Aneka Tambang retreated 1.07 percent, Vale Indonesia declined 1.15 percent and Timah tumbled 1.61 percent.

The lead from Wall Street is positive as stocks moved higher on Monday, sending the major averages to their best closing levels in a month.

The Dow added 57.44 points or 0.21 percent to 26,827.64, while the NASDAQ gained 73.44 points or 0.91 percent to 8,162.99 and the S&P 500 rose 20.52 points or 0.69 percent to 3,006.72.

The strength on Wall Street came amid renewed optimism about the completion of phase one of a U.S.-China trade deal following encouraging comments from President Donald Trump and Chinese Vice Premier Liu He.

Strong corporate results from last week also made traders hopeful as earnings season gets into full swing in the coming days, including the likes of McDonald's (MCD), Procter & Gamble (PG), UPS (UPS), Caterpillar (CAT), eBay (EBAY), Ford (F), Microsoft (MSFT), Tesla (TSLA), Twitter (TWTR) and Amazon (AMZN).

Crude oil futures drifted lower on Monday on worries that a global economic slowdown could threaten near term energy demand. West Texas Intermediate Crude oil futures for November fell $0.47 or 0.9 percent at $53.31 a barrel.

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