Indonesian Market Recap
JCI closed lower on Friday, 08/07/18, amid the rupiah depreciated. Investors concerned about the Brexit. Top Losers: Misc. Industry (-1.90%), Infrastructure (-0.82%), Mining (-0.80%).
Today’s Outlook: Expectancy of GDP Acceleration
Today we estimate JCI to rally with the support range of 5953-5957 and resistance range of 6067-6073. Investors focus on the release of the 2Q18’s GDP growth. The Indonesian government estimates that the 2Q18’s GDP growth tops 5.2%. The projection is bolstered by the higher domestic consumption occurred in Ramadhan month and Eid Mubarak festive. Meanwhile, the release of consumer confidence index (CCI) will be on spotlight. Of note, June’s CCI of 128.1 was all-time high.
Download full report HERE.