Indonesian Market Recap
JCI was bearish amid the release of July’s trade balance and BI’s stance of monetary tightening. Top Gainers: Agriculture (+5.85%), Infrastructure (+1.73%), Misc. Industry (+1.55%).
Today’s Outlook: Jokowi’s Speech
We estimate JCI to rally with the support range of 5782-5788 and resistance range of 5861-5873. Investors eye on President Jokowi’s speech to be delivered today. The speech will elucidate the 2019’s state budget (APBN). The APBN will be spent on recovering the domestic consumption along with the 2019’s presidential election. Of note, the stimulus the government allocated in the 2Q18 succeeded in accelerating the economy’s growth.
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