Indonesia Market Recap

JCI closed lower yesterday after the geopolitical tension between the U.S.-Russia triggered pressure on global markets. Top Losers : Miscellaneous Industries (-2.30%), Infrastructure (-1.61%), Consumer (-0.89%).

Today’s Outlook: Upgrade Rating by Moody’s

We estimate today JCI to rally with the support range of 6278-6288 and resistance range of 6380-6398. The positive sentiment mainly comes from the upgraded rating of Indonesia’s government bonds from Baa3 into Baa2 by Moody’s. It eased concerns about the latest government policy relating to subsidized petroleum prices potential for triggering unstable fiscal and macroeconomic backdrops.

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