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Indonesia Market Recap JCI continued to rally on Friday as it was backed by the significant rally in Rupiah and rally in global oil price. Top Gainers : Mining (+3.01%), Consumer (+1.71%), Infrastructure (+1.36%). |
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Today’s Outlook: Disappointing U.S. Jobs We estimate JCI to rally with the support range of 6314-6319 and resistance range of 6391-6398 by today. The release of the U.S. job data of nonfarm payroll constitutes as a global sentiment. In December, the U.S. economy added only 148,000 jobs, lower than estimate job of 190,000. The loss of jobs position in retail sector contributes to the disappointing job data. From domestic, investors need to oversee Indonesia’s forex reserve estimated to hit higher than USD130 billion. |
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