Indonesian Market Recap
JCI closed higher amid the pressure on Asia’s markets ahead of the U.S. tariffs on China’s goods. Top Gainers: Mining (+1.69%), Infrastructure (+1.32%), Trade (+1.20%).
Today’s Outlook: Digests June’s Forex Reserves
Today we estimate JCI to rally with the support range of 5692-5697 and resistance range of 5771-5784. Investors await the release of June’s forex reserves. May’s forex reserves was at USD122.9 billion, consistently whittled away from January’s all-time high of USD132.0 billion. We estimate that the decline in June’s forex reserves is not as massive ass prior months’ forex reserves as Bank Indonesia hiked its benchmark rate since May amid the depreciated rupiah.
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