Indonesian Market Recap
Ahead of Bank Indonesia (BI)’s Board of Governors Meeting held on this week, JCI closed on a low note led by the banking sector. Top Losers: Finance (-1.53%), Consumer (-0.90%), Misc. Industries (-0.82%).
Today’s Outlook: Eyes 2Q18’s Corporate Earnings
We estimate that today JCI moves at a higher pace with the support range of 5815-5823 and resistance range of 5932-5942. From the global outlook, the Fed’s Chairperson Jerome Powell delivered the speech signaling the Fed’s gradual interest rate hike. Despite the Fed’s signal, the global market gave no negative response to Powell’s hawkish stance. This backdrop likely gives a chance for investors in Indonesia to eye further the 2Q18’s corporate earnings.
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