Indonesian Market Recap
JCI closed flat on Thursday amid the release of January’s trade balance deficit and BI’s Board of Governors Meeting maintaining BI 7-Day (Reverse) Repo Rate. Top Losers: Misc Industries (-0.94%), Finance (-0.48%), Infrastructure (-0.38%).
Today’s Outlook: Recovery in Import
We estimate JCI to rally with the support range of 6564-6568 and resistance range of 6647-6652. From global, the negative sentiment is estimated to subdue along with the recovery in the U.S. market. From domestic outlook, the trade balance data experienced the deficit of USD677 million in January, standing in stark contrast with the estimated surplus of USD220 million. This backdrop is spurred with the business confidence in import with a view to prepare trend of upward consumption in 2018.
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