Indonesian Market Recap
JCI was at the bullish mood on Friday, 06/29/18 as Bank Indonesia raised its benchmark rate by 50 bps. Top Gainers : Basic Industry (+3.17%), Mining (+2.85%), Finance (+2.60%).
Today’s Outlook: : Release of June’s Inflation
Today we estimate JCI to rally with the support range of 5751-5764 and resistance range of 5851-5860. After it finished a rebound bolstered by BI’s stance of raising benchmark rate by 50 bps, investors likely eye on the release of June’s inflation released today. On monthly basis, June’s inflation is higher than May’s inflation due to the effects of Eid Mubarak holidays, yet on yearly basis, June’s inflation is lower than May’s inflation. The low inflation will stabilize financial system amid the current external pressure.
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