Indonesian Market Recap
JCI closed higher yesterday as it boosted by the upgraded rating of government bond by Japan Credit Agency. Top Gainers: Property (+1.01%), Agriculture (+0.67%), Infrastructure (+0.61%).
Today’s Outlook: Decline in the U.S. Jobless Claim
We estimate JCI to be bearish with the support range of 6456-6462 and resistance range of 6575-6582. The global pressure from the U.S. market persists as Dow Jones index declines higher than 4%. This condition is triggered
by weekly claim jobless data hitting 45-year low level. This data will trigger monetary tightening. From domestic outlook, investors need to keep their eyes on the release of current account data showing the external strength of Indonesia’s macroeconomy.
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