Indonesian Market Recap
JCI rallied yesterday as the higher-than-estimate economic growth of 2Q18. Top Gainers: Misc. Industry (+3.55%), Infrastructure (+3.49%), Finance (+1.73%).
Today’s Outlook: Forex Reserve Data
We estimate that JCI moves at a slightly modest pace with the support range of 6050-6055 and resistance range of 6134-6143. Investors likely eye July’s forex reserves. In prior 5 months, the forex reserves posted a consistent decline to settle at USD119.8 billion in June. Bank Indonesia’s intervention on the financial and bond markets with a view to stabilizing rupiah cause investors to concern about whether or not the decline in forex reserves likely cease in July.
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