Indonesian Market Recap
JCI continued to rally yesterday as investors awaited the result of Bank Indonesia Board of Governors Meeting. Top Gainers : Consumer (+1.42%), Misc Industries (+1.08%), Finance (+0.44%).
Today’s Outlook: BI Signals
We estimate JCI to lower with the support range of 6428-6435 and resistance range 6485-6490 by today. Domestic negative sentiment derives from the result of Bank Indonesia Board of Governors Meeting. Bank Indonesia (BI) decides to maintain reference interest rate and signals the close window for interest rate cut. The decisions are underlined by the risk of inflation pressure. From global outlook, the U.S. Congress finally passed the budget so that the government shutdown does not loom.
Download full report HERE.