Indonesian Market Recap
JCI rallied yesterday amid the rebound in the global markets. Investors also awaited the release of January’s forex reserve data. Top Gainers: Consumer (+1.32%), Trade (+1.21%), Property (+1.06%).
Today’s Outlook: China’s Trade Balance
Today we estimate JCI to rally with the support range of 6481-6492 and resistance range of 6582-6589. Although the pressure of surging government yield bond brings about the U.S. markets to bearish last night. We estimate that it has no significant impact as the hike in yield is spurred by the enfeebled demand for government bond instead of monetary sentiment. On the other flip side, investors need to keep their eyes on the release of China’s trade balance in which China’s import is estimated to hike by 11.3% in January.
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