Indonesian Market Recap
JCI notched lower after the U.S. urged WTO to set the penalty of USD350 million to Indonesia. Top Losers: Agriculture (-0.86%), Finance (-0.75%), Infrastructure (-0.74%).
Today’s Outlook: Retail Sales Data
We estimate JCI to rally with the support range of 6055-6063 and resistance range of 6157-6167. Investors focus on June’s retail sales data. May’s retail sales edged up 8.3% y-y, all-time high since December 2016. Idul Fitri festive occurred in June caused June’s retail sales to soar. The backdrop boosts investors’ confidence on recovery in the domestic consumption.
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