Market Recap
Following regional markets, JCI closed higher yesterday. The rally was backed by the banking sector amid the rupiah appreciation. Top Gainers: Mining (+2.51%), Property (+2.19%), Agriculture (+2.18%).
Global markets cheered the trade deal between the U.S. and China at G-20 as they were at a rally state. Chinese markets were bullish at 2.5%, backed by November’s manufacture activities gained slightly. Besides, global crude prices were rebounding ahead of OPEC meeting.
Today’s Outlook: Be Aware of Profit Taking
We estimate JCI to be at a modest pace with the support range of 6055-6065 and the resistance range of 6153-6163. Investors should be aware of today’s possible profit taking at Indonesia’s share markets. Global markets rallied, backed by the trade deals between the U.S. and China, yet jitters emerge from different statements articulated by President Trump and Chinese authorities. The divergence spark opaque settlement of the trade war dispute.
From the domestic outlook, November’s core inflation soared higher than 3%, showing high demand by consumers. Indeed, the domestic consumption is likely to edge up ahead of year-end.
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