Along with the rupiah depreciation, JCI closed slightly lower on Friday. Investors also awaited the release of trade balance on Monday, 12/17/18. Top Losers: Mining (-0.65%), Basic Industry (-0.62%), Infrastructure (-0.55%)
The global markets closed lower on Friday, relating to investors’ jitters on the possible slowdown in the global economy. The jitter is heightened by the lower-than-expected Europe and China’s economy. The U.S. markets were in the negative territory along with the massive last week’s capital outflow.
Today’s Outlook: Trade Balance
Today we estimate JCI to move at modest pace with the support range of 6118-6125 and the resistance range of 6185-6196. Today, investors will focus on the release of November’s trade balance. In October, Indonesia posted the deficit of USD1.8 billion and is likely to post the lower deficit of USD790 million. The growth in imports is estimated to be higher than that of exports.
From the global outlook, the pressure comes from the global markets’ slow response to China’s worse economic data. China posted a disappointing output industrial figure and retail sales. The backdrop fuels investors’ jitter relating to the negative impacts of the global trade war.
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