Indonesian Market Recap

JCI closed lower yesterday as the implied USD-IDR volatility for one month hiked from 0.4% into 3.86. Top Losers : Agri (-2.12%), Misc (-2.04%), Basic (-1.74 %).

Today’s Outlook: Indonesia’s Rating Hike by Fitch

We estimate JCI to rally with the support range 6071-6080 and resistance range of 6192-6200 by today. The positive sentiment from Fitch Hong Kong upgrading Indonesia’s rating from BBB- into BBB with a stable outlook.

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