Indonesian Market Recap
JCI closed lower on Friday, 07/06/2018, ahead of the release of Indonesia’s June forex reserves estimated to decline. Top Losers: Finance (-1.70%), Consumer (-1.42%), Basic Industry (-1.06%).
Today’s Outlook: Consumer Confidence Index
We estimate that today JCI is rally with the support range of 5661-5667 and resistance range of 5739-5751. The current backdrop of global markets is quite conducive after the release of U.S unemployment rate hiking to 4% in June. This backdrop causes the Fed to think twice before increasing its reference rate by 4x in 2018. From domestic, the release of June’s consumer confidence index will be on spotlight. The trend of upbeat consumer confidence index signs that rupiah depreciation gives no impact on the domestic consumption.
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