Indonesia Market Recap

JCI closed lower yesterday. Investors made profit amid the topping-estimate inflation data and sluggish manufacture data. Top Losers : Misc Industries (-1.04%), Trade (-1.03%), Infrastructure (-0.67%).

Today’s Outlook: Rally in Global Manufacture

We estimate JCI to rally with the support range of 6298-6305 and resistance range of 6388-6391 by today. A positive sentiment comes from the rally in China and the U.S. manufacture index. This backdrop leads to the rally in commodity price such as coal. Besides, the sluggish Dollar exchange rate against other currencies, including Rupiah constitutes as a positive sentiment. The sluggish Dollar is triggered by investors’ skeptical act over the plan of the Fed’s rate hike.

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