Indonesia Market Recap

JCI closed flat yesterday amid the sluggish Asia markets after the release of stable China’s economic growth. Top Losers : Infrastructure (-0.55%), Finance (-0.25%), Basic Industry (-0.07%).

Today’s Outlook: Focus on BI

We estimate JCI to rally with the support range of 6241-6250 and resistance range of 6332-6345. The positive sentiment stemming from the conducive global markets allows investors to focus on the domestic conditions, in particular topic relating to Bank Indonesia (BI). Today BI will conduct the Board of Governors Meeting. It previously stated that the trade balance surplus and upgrade rating by Moody’s will sustain rebound in rupiah.

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