JCI closed slightly lower amid the rupiah depreciation and further net foreign sell. The release of retail sales data also beset JCI. Top Losers: Misc. Industry (-0.87%), Finance (-0.43%), Consumer (-0.23%).
European and Asian markets finished lower yesterday. The slowdown in China’s exports and imports of November caused Asian markets to reign in a negative territory. On the other side, the postponement of Brexit vote in the U.K. Parliament beset European markets and Pounds. Besides, after moving at a modest pace, the U.S. markets nudged up, backed by the rebounding in tech. sector.
Today’s Outlook: Global Market Volatility
Today we estimate JCI to pace modestly with the support range of 6065-6073 and the resistance range of 6133-6140. The global markets are in the high volatility. The U.S. markets post both steep increase and decrease within recent days. Markets concern about several global issues, such as Brexit, the trade war between the U.S and China, and the possible recession in the U.S. economy. The issues cause a decline in the recent-day total transactions.
From the domestic outlook, the global volatility causes the rupiah to weaken at 15,000 per USD. On the other side, the survey of retail sales showed that the retail sales only nudged up 2.9% in October, lower than September’s retail sales of 4.8%.
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