Indonesian Market Recap
JCI bottomed dramatically yesterday attributable to the plight of global sentiment stemming from the Fed’s meeting. Top Losers : Misc Industries (2.36%), Infrastructure (-2.25%), Consumer (-2.14%).
Today’s Outlook: Volatility Triggered by FOMC Meeting
We project JCI to be bearish with the support range of 6529-6537 and resistance range of 6608-6615 today. The jitters of a more aggressive monetary tightening brings about volatility global market. The volatility persists amid the FOMC meeting to be ended tonight. On another flip side, the release of China’s PMI manufacture data below estimate will likely provide as a negative sentiment. From domestic outlook, investors need to prepare the release of inflation data.
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