Indonesian Market Recap
JCI continued to rally yesterday amid the strong foreign buy action in the mining and banking sectors. Top Gainers: Mining (+1.71%), Infrastructure (+1.39%), Finance (+1.14%).
Today’s Outlook: Concerns About the U.S. Inflation Subdues
We estimate JCI to rally with the support range of 6540-6545 and resistance range of 6615-6621. The concerns about the release of the U.S. inflation data to be announced tonight is estimated to subdue. It is seen in the hiking U.S. markets, decline in the U.S. government bond yield, and sluggish dollar. From domestic, investors awaited the trade balance data to be released tomorrow. It is estimated that in January, Indonesia posts the trade surplus after the deficit in December.
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