Indonesian Market Recap
JCI closed lower yesterday amid the release of June’s retail sales data. Investors awaited the announcement of candidates of Presidents and Vice Presidents. Top Losers: Agriculture (-1.35%), Mining (-1.33%), Basic Industry (-1.09%).
Today’s Outlook: Release of Current Account Deficit
We estimate JCI to move at lower pace with the support range of 6015-6023 and resistance range of 6083-6089. Investors await the 2Q18’s current account trade data to be release in this evenings. In the 1Q18, Indonesia suffered from the current account deficit of USD5.5 billion or 2.15% of GDP. The 2Q18’s massive domestic consumption likely widens the current account deficit. On the other side, the political uncertainty starts to subdue after the announcement of candidates to run in the 2019’s Presidential Election.
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