Indonesian Market Recap
JCI closed lower yesterday amid the further rupiah depreciation. Investors also awaited the agenda for regional election. Top Losers : Finance (-2.03%), Mining (-0.31%), Consumer (-0.27%).
Today’s Outlook: : Discerns Jokowi’s Chance in 2019
We estimate that today JCI will move modestly with the support range of 5787-5796 and resistance range of 5852-5860. Investors keep their eyes on today’s regional election as this event will determine President Joko Widodo’s chance to win the 2019’s Presidential election. Investors will focus on the result of West Java’s governor election. In 2014, Jokowi failed to win the voting. On the other side, the stock market is likely not aggressive as today’s rupiah trade is off.
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