Indonesia Market Recap

JCI rallied yesterday as global markets rebounded amid the subdued jitters of the trade war between the U.S. and China. Top Gainers : Infrastructure (+1.64%), Basic Industry (+1.48%), Mining (+1.44%).

Today’s Outlook: Trump’s Statement

We estimate JCI to lower with the support range of 6137-6141 and resistance range of 6207-6213. It likely be volatile as Trump proposed additional tariffs of USD100 billion on Chinese products. From domestic outlook, investors need to keep their eyes on the release of March’s forex reserves data. The stable rupiah likely lowers the forex reserve due to significant intervention by Bank Indonesia.

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