Indonesian Market Recap
JCI was bearish yesterday after the massive net foreign sell. Investors awaited the release of July’s trade balance. Top Losers: Misc. Industry (-3.27%), Consumer (-2.83%), Manufacture (-2.81%).
Today’s Outlook: Benchmark Rate
We estimate that today JCI likely rallies with the support range of 5725-5728 and resistance range of 5807-5815. The government decides to curb imports of capital goods and consumption goods with a view to stabilizing rupiah. On the other side, investors eye on the Bank Indonesia’s Board of Governors Meeting and the decision it comes with. The domestic pressure of widening current account deficit likely bears the chance of hiking benchmark rate.
Download full report HERE.