Indonesian Market Recap
JCI closed at a high note yesterday after moving at a modest pace in early trading session. Investors kept their eyes on the release of retail sales data. Top Gainers: Misc. Industries (+3.45%), Mining (+1.53%), Basic Industry (+0.53%).
Today’s Outlook: Strives against Globally Negative Sentiments
We estimate JCI to rally with the support range of 5843-5851 and resistance range of 5933-5942. Investors likely are robust enough to strive against the negative sentiment stemming from the concerns of ever-escalated trade war. The positive sentiment comes from the release of Indonesia’s retail sales growing by 8.3% in May. The figures boost investors’ confidence in further domestic consumption recovery. Additionally, foreign investors book net-buy position in 2-day winning streak.
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