Indonesian Market Recap
JCI closed lower yesterday after it posted rally in early session. Meanwhile, investors awaited the result of BI’s Board of Governors Meeting. Top Losers: Consumer (-1.34%), Infrastructure (-1.30%), Trade (-0.97%).
Today’s Outlook: Trump’s Stinging Criticism
We estimate JCI to move at lagging pace with the support range of 5815-5823 and resistance range of 5898-5904 today. In global outlook, the negative sentiment derives from Trump’s stinging criticism over the Fed. Trump stated that the hike in Fed’s rate is a disruption to the economic recovery. It triggers volatility in global market, while rupiah was depreciated and closed higher than IDR14,400.
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