Indonesian Market Recap

JCI continued to rally yesterday amid investors’ heightened interest in targeting big cap banking stocks and rebound in global CPO price. Top Gainers : Basic Industry (+1.81%), Finance (+1.77%), Agri (+1.37 %).

Today’s Outlook: Conducive Window Dressing

We estimate JCI to rally with the support range of 6234-6239 and resistance range 6305-6310 by today. Investors conducted a significant buy action of window dressing within the last 2 days before the yearend. The current window dressing is supported by the global and domestic circumstances. From global outlook, the clarity of the Fed’s policy has subdued investors’ jitters. From domestic outlook, Indonesia’s upgraded rating by Fitch boosts investors’ confidence.

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