Indonesian Market Recap
JCI closed flat on Friday, 08/13/2018. Investors eyed on the current account data released by Bank Indonesia. Top Gainers: Property (+1.09%), Consumer (+0.74%), Finance (+0.34%).
Today’s Outlook: Widening Current Account Deficit
We estimate JCI to move at modest pace with the support range of 6015-6023 and resistance range of 6094-6099. The negative sentiment from the domestic outlook is the 2Q18’s trade balance deficit reaching 3% of GDP likely causing JCI to be bearish. Such backdrop demands the government’s concerted commitment to overcome the trend of soaring import. Meanwhile, the negative sentiment from the global outlook derives from the worries over the Turkish economy and its deteriorating ties with the U.S.
Download full report HERE.
