Indonesian Market Recap
JCI closed lower yesterday amid the strengthening global markets. Banking sector lagged markets’ movement. Top Losers: Finance (-1.66%), Consumer (-1.34%), Miscellaneous Industries (-1.09%).
Today’s Outlook: Maintaining Consistency in Monetary
We estimate JCI to rally with the support range of 6519-6527 and resistance range of 6590-6593. From the global outlook, the concerns about the monetary tightening subdues along with the stable U.S. government yield. From the domestic outlook, investors’ concern about the hike in non-subsidized fuel is potential for triggering inflation and threatening the consistency in monetary policy. The president policy to submit only one candidate of central bank governor is the sign of consistency in monetary.
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