Indonesian Market Recap
JCI closed lower yesterday. Investors digested the sluggish Asia markets amid the strengthening dollar and day-off in the U.S. markets and Asia markets. Top Losers: Basic Industry (-1.38%), Consumer (-1.19%), Misc Industries (-1.14%).
Today’s Outlook: Release the Minutes of FOMC
We estimate JCI to lower with the support range of 6608-6616 and resistance range of 6684-6693. The negative sentiment derives from the sluggish U.S. markets and the rally in dollar spurred by the hike in the U.S. government bond yield. The backdrop occurs amid the awaiting of the to-be-released minutes of FOMC’s last meeting. On the other flip side, investors can focus on the mining sector as the oil prices snap into further rally bolstered by the decline in the U.S. oil inventory.
Download full report HERE.