Indonesian Market Recap
JCI closed higher yesterday as state-owned mining companies reported 2017’s stellar financial performance. Top Gainers : Mining (+2.56%), Agri (+1.75%), Property (+1.69%).
Today’s Outlook: The U.S. Markets Correction
We estimate JCI to move at modest pace with the support range of 6620-6624 and resistance range 6695-6705 by today. The last night’s massive correction in the U.S. markets as of early of 2018 constitutes as a negative sentiment. Jitters heightens as the decline is triggered by the hike in government’s bonds yield, ahead of FOMC meeting, and the release of U.S. jobs data. However, further rally in commodities price will cause the mining sector to move against the sluggish JCI.
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