Indonesian Market Recap
JCI closed lower yesterday amid the robust dollar ahead of the release of minutes of FOMC’s last meeting. Top Losers: Misc Industries (-1.23%), Property (-1.23%), Trade (-0.57%).

Today’s Outlook: Market Confusion about Minutes of FOMC

We estimate JCI to move lower with the support range of 6592-6599 and resistance range of 6663-6666. Negative sentiment came from the release of minutes of the last FOMC meeting stating that the Fed will continue to hike its interest rate amid the rosier economic growth. The U.S. equity markets considered the minutes is in dovish stance. Nonetheless, bond markets considered the release of the minutes as negative to markets resulting in the hike in bond yield.

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