Market Recap
At the last trading day of 2018, JCI closed flat, backed by the banking sector. During 2018, JCI posted the decline of -2.54%. Top Gainers: Agriculture (+2.36%), Mining (+1.58%), Basic Industry (+0.78%).
The global markets ended 2018 at the mixed territory, attributable to the progress of the U.S. and China’s trade talks and investors’ concern about the modest growth in the global economy. Most of European and Asia markets were bullish; so was the U.S. markets. On the other side, in 2018, the global markets mostly dived.
Today’s Outlook: Digesting Initial Trading Day of 2019
Today, we estimate JCI to rally with the support range of 6125-6150 and the resistance range of 6235-6250. The positive sentiment comes from statements uttered by the Minister of Finance Sri Mulyani. She stated that the stated budget (APBN) deficit in 2018 amounted to 1.72% of the GDP. The figure was smaller than that of 2.19% stated in the laws of 2018 APBN. Besides, the state revenue succeeded to hit its 100% target for the first time since Joko Widodo’s Administration. The Finance Minister Sri Mulyani will attend the first trading day of 2019 on IDX.
Additionally, India’s policy lowering imports tariffs on CPO is likely to boost demand for CPO as the narrowing price gap between CPO and other vegetable oil.
Download full report HERE.
