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Profit Taking Expected For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has climbed higher in back-to-back trading days, gathering almost 60 points or 1 percent along the way. The Jakarta Composite Index now rests just above the 6m000-point plateau, although it's expected to run out of steam on Monday.

The global forecast for the Asian markets is mixed to lower thanks to plummeting crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The JCI finished slightly higher on Friday following mixed performances from the financials, resource stocks and cement companies.

For the day, the index gained 15.39 points or 0.26 percent to finish at 6,006.20 after trading between 5,971.99 and 6,017.46.

Among the actives, Indocement picked up 0.12 percent, while Holcim Indonesia advanced 1.52 percent, Unilever Indonesia soared 2.49 percent, United Tractors picked up 0.16 percent, Semen Indonesia plunged 2.95 percent, Bukit Darmo Property spiked 3.28 percent, Voksel Electric jumped 2.02 percent, Lotte Chemical shed 0.63 percent, XL Axiata added 0.45 percent, Bank Danamon Indonesia skidded 1.01 percent, Bank Mandiri lost 0.34 percent, Bank Negara Indonesia collected 0.30 percent, Bank Rakyat Indonesia tumbled 1.97 percent, Indosat fell 0.47 percent, Bumi Resources declined 1.31 percent, Vale Indonesia gained 0.35 percent and Indofood Suskes, Aneka Tambang, Bank Central Asia, SLJ Global, Bank MNC Internasional and Bank Pan Indonesia all were unchanged.

The lead from Wall Street is negative as stocks moved lower on Friday in an abbreviated session after Thursday's Thanksgiving holiday.

The Dow shed 178.74 points or 0.73 percent to 24,285.95, the NASDAQ fell 33.27 points or 0.48 percent to 6,938.98 and the S&P lost 17.37 points or 0.66 percent to 2,632.56. For the week, the Dow and the S&P 500 plunged 4.4 percent and 4.3 percent, respectively, and the S&P fell 3.8 percent.

The weakness on Wall Street partly reflected recent downward momentum amid lingering concerns about the global economic outlook. A continued decline by shares of Apple (AAPL) also weighed on the markets.

Energy stocks led the way lower on the day amid a sharp pullback by the price of crude oil. After jumping $1.20 to $54.63 a barrel on Wednesday, crude for January delivery plunged $4.21 to $50.42 a barrel.

Overall trading activity was subdued, however, as many traders remained away from their desks following the holiday on Thursday. A lack of major U.S. economic data also kept traders on the sidelines along with the markets' early close.
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