Indonesian Market Recap
JCI ended at low note yesterday. Asia markets reigned at sluggish mood despite the well controlled June’s inflation. Top Losers: Miscellaneous Industries (-4.68%), Basic Industry (-2.19%), Mining (-2.18%).
Today’s Outlook: Rupiah Endures Volatility
We estimate JCI to move at modest pace with the support range of 5699-5706 and resistance range of 5793-5799. The stock markets are attuned to the rupiah movement after BI’s last week stance of benchmark rate hike. Rupiah was volatile and depreciated. The external pressure ahead of the U.S. import tariff to take effect on July 6th, 2018. However, we estimate rupiah likely endures less volatility than what it endured in prior months.
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