Indonesian Market Recap
JCI continued to decline dramatically yesterday. Investors concerned about the possibility of the hike in benchmark rate. Top Losers : Mining (-3.46%), Finance (-3.19%), Infrastructure (-3.11%).
Today’s Outlook: Rooms for Hiking Benchmark Rate
Today we estimate JCI to move lower with the support range of 5861-5867 and resistance range of 5923-5926. Bank Indonesia (BI) stated that the hike in benchmark rate is possible if rupiah depreciation disturb inflation stability. The backdrop causes the big-cap banking stocks to dive. Markets are estimated to sluggish in the end of this-week trading session as BI previously considers no hike in benchmark rate.
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