Indonesia Market Recap

JCI continued to lower yesterday as the consumer sector dramatically dived. Investors digested the benign core inflation of December. Top Losers : Consumer (-2.51%), Infrastructure (-1.90%), Misc Industries (-1.59%).

Today’s Outlook: The Fed’s Minutes

We estimate JCI to be bearish with the support range of 6192-6210 and resistance range of 6277-6287. The release of the Fed’s minutes constitutes as a negative global sentiment as it states that the U.S. tax reform underlines the Fed’s projection to hike 2018’s economic growth. This backdrop supports the monetary expansionary. BI projection of trend of upbeat oil price affecting 2018’s inflation constitutes as a current domestic outlook.

Download full report HERE.