Indonesian Market Recap
JCI is still capable of rallying to the new highest position amid the trend of sluggish Dollar and China’s economic recovery. Top Gainers : Basic Industry (+0.92%), Mining (+0.90%), Miscellaneous Industries (+0.79%).
Today’s Outlook: Negotiation Ending Government Shutdown
We estimate JCI to lower with the support range of 6445-6453 and resistance range of 6520-6525 by today. The government shutdown occurred in last week triggered off Dollar weakening against other currencies, including Rupiah. Nonetheless, it is estimated that continuous negotiation Senats, Republic, Democrat, will end the government shutdown and strengthen Dollar. On the other flip side, the Fed’s officials state that there will be the possibility of 4x interest rate hike in 2018.
Download full report HERE.