Indonesian Market Recap
JCI recorded further rally yesterday as rupiah moved stably. Foreign investors recorded net buy. Top Gainers: Basic Industry (+3.09%), Property (+2.27%), Consumer (+2.12%).
Today’s Outlook: Re-embarking Trade War Tension
We estimate that today JCI moves at modest pace with the support range of 5815-5892 and resistance range of 5908-5922. After two-day winning streak, we estimate the profit taking likely takes place on today’s market. The negative sentiment stems from the latest trade war between the U.S. and China. Trump administration enacts 10% tariffs on USD200 billion in China’s products. Such policy sparks negative global sentiments after the subdued concerns about trade war.
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