Indonesian Market Recap
JCI closed higher on Friday as rupiah was in rebound range due the recovery in Asia’s financial market. Top Gainers: Misc Industries (+2.16%), Mining (+0.63%), Trade (+0.62%).
Today’s Outlook: Global Concerns Subdue
We estimate JCI to rally with the support range 6583-6590 and resistance range 6660-6666. The positive global sentiment comes from the subdued concerns about the potency of accelerated normalization of the Fed’s monetary. The U.S. government bond yield slumped into 2.9% showing the subdued global concerns. From domestic outlook, the re-nomination of Joko Widodo shows his different stance of his aggressive politic in 2014. He even hold steady the electricity tariff until the end of 2019.
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