JCI soared yesterday after the global market recovered ahead of the U.S. and China meeting. Top Gainers: Miscellaneous Industry (+3.56%), Basic Industry (+2.69%), Mining (+2.47%).
The U.S. stocks rallied after investors disregarded the geopolitical and trade war issues.
European stocks closed on a higher note as investors cheered this week’s tariff talk between the U.S. and China.
Asia stocks rallied yesterday. Investors positively responded to the U.S. and China meeting aiming at de-escalating the trade war between the two countries.
Today’s Outlook: Government’s Policy
We estimate JCI to rally with the support range of 5850-5861 and resistance range of 5936-5945. The positive sentiment from domestic outlook is the government’s plan to beef up exports by the increment in the 2019’s coal production. Besides, Bank Indonesia (BI) shows its conscious stances of hiking its benchmark rate until the end of 2018. From the global outlook, investors likely oversee the agenda for preliminary trade tariff negotiation between the U.S. and China.
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