Indonesian Market Recap
JCI continued to lower further amid investors’ concerns about the release of the Fed’s minutes causing rally in dollar. Top Losers: Misc Industries (-1.92%), Finance (-1.13%), Infrastructure (-0.93%).
Today’s Outlook: Digest Impacts of Minutes of FOMC
We estimate JCI to rally with the support range of 6557-6563 and resistance range of 6645-6649. The positive sentiment comes from the movement in the U.S. markets and the U.S. government bond yield after the release of minutes of FOMC. Investors has started to digest that their concern about the minuets were too overwhelming as dollar has been more stable after rally.
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