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Rally May Stall For Indonesia Stock Market

(RTTNews) - The Indonesia stock market has tracked higher in back-to-back trading days, collecting almost 40 points or 0.6 percent along the way. The Jakarta Composite Index now rests just above the 6,540-point plateau although it may run out of steam on Wednesday.

The global forecast for the Asian markets is flat to lower on concerns over global trade and North Korea. The European markets were mixed and little changed and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

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

For the day, the index collected 15.59 points or 0.24 percent to finish at the daily high of 6,540.95 after moving as low as 6,497.76.

Among the actives, Indocement added 0.63 percent, while Semen Indonesia dipped 0.19 percent, United Tractors jumped 2.02 percent, Unilever Indonesia spiked 2.36 percent, Bank Danamon Indonesia shed 0.27 percent, Bank Central Asia climbed 1.18 percent, Bank Rakyat Indonesia fell 0.34 percent, Bank Mandiri collected 0.34 percent, Indosat plummeted 7.35 percent, Bumi Resources plunged 2.56 percent, Aneka Tambang lost 3.69 percent, Timah tumbled 4.67 percent, Vale Indonesia rose 0.26 percent and Indofood Suskes and Holcim Indonesia were unchanged.

The lead from Wall Street suggests mild consolidation as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending slightly lower.

The Dow shed 33.97 points or 0.13 percent to 26,057.98, the NASDAQ lost 5.16 points or 0.07 percent to 7,549.30 and the S&P 500 fell 2.21 points or 0.08 percent to 2,793.90.

The choppy trading on Wall Street came as Federal Reserve Chairman Jerome Powell delivered his semiannual monetary policy report to Congress, telling lawmakers the U.S. economy remains healthy but warning about potential headwinds.

Uncertainty about trade talks between the U.S. and China kept some traders on the sidelines even after President Donald Trump postponed an increase in tariffs on Chinese goods. Questions about the impending summit between Trump and North Korean dictator Kim Jong Un added to the trepidation on Wall Street.

In economic news, the Commerce Department said housing starts tumbled to their lowest level in over two years in December, while the Conference Board noted a bigger than expected rebound in consumer confidence in February.

Crude oil prices moved in a tight range on Tuesday with traders weighing near term global supply and demand prospects as they looked ahead to weekly inventory data. West Texas Intermediate Crude oil futures for April ended up $0.02 or 0.04 percent at $55.50 a barrel.
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