Indonesia Market Recap

JCI rallied yesterday amid the hike in commodities prices. Top Gainers: Basic Ind (+2.15%%), Mining (+1.9%), Basic Ind. (+1.53%).

Today’s Outlook: Focuses on Domestic Growth

Today we estimate JCI to rally with the support range of 6320-6325 and resistance range of 6380-6385. Although the global backdrop faces the headwind of Middle East’s conflict and trade war, the domestic backdrop is quite resilient to offset the headwind. From domestic outlook, foreign investors start posting net-buy. It indicates foreign investors’ optimism about the growth in Indonesia. Additionally, Bank Indonesia’s decision to maintain its reference rate at 4.25% likely spurs the stable domestic growth.

Download full report HERE.