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Little Movement Seen For Indonesia Stock Market

(RTTNews) - The Indonesia stock market on Tuesday snapped the two-day slide in which it had stumbled almost 30 points or 0.4 percent. The Jakarta Composite Index now rests just above the 6,475-point plateau and it's likely to be rangebound again on Wednesday.

The global forecast for the Asian markets is roughly flat, with support from crude oil offset by expected profit taking. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead.

The JCI finished modestly higher on Tuesday as gains from the financials and food stocks were tempered by weakness from the resource stocks.

For the day, the index climbed 23.46 points or 0.36 percent to finish at 6,476.07 after trading between 6,454.98 and 6,490.07.

Among the actives, Bank Danamon Indonesia jumped 1.86 percent, while Bank Central Asia gained 0.46 percent, Bank Mandiri added 0.34 percent, Bank Rakyat Indonesia collected 0.24 percent, Bank Negara Indonesia rose 0.27 percent, Indosat tumbled 2.51 percent, Indocement perked 0.68 percent, Semen Indonesia skidded 1.45 percent, United Tractors sank 2.11 percent, Unilever advanced 1.13 percent, Indofood Suskes shed 0.80 percent, Aneka Tambang plunged 2.13 percent, Vale Indonesia plummeted 2.80 percent, Timah surged 6.06 percent and Bumi Resources was unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction Tuesday, bouncing back and forth across the unchanged line before ending mixed and little changed.

The Dow shed 79.29 points or 0.30 percent to 26,179.13, while the NASDAQ added 19.78 points or 0.25 percent to 7,848.69 and the S&P 500 was up just 0.05 points to 2,867.24.

The choppy trading on Wall Street reflected uncertainty about the near-term outlook for the markets, with traders looking for more concrete developments out of the U.S.-China trade talks.

In economic news, the Commerce Department reported a steep drop in durable goods orders in February. It also said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, eased in February.

Crude oil futures ended higher Tuesday, extending gains to a third successive day ahead of weekly crude inventory data. West Texas Crude oil futures for May ended up $0.99 or 1.6 percent at $62.58 a barrel for the highest settlement since November.
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