Indonesian Market Recap
JCI closed flat on Friday’s trading session amid BI’s intervention over the depreciated rupiah. Top Gainers: Infrastructure (+1.26%), Consumer (+0.75%), Property (+0.30%).
Today’s Outlook: Depreciated Yuan
We estimate JCI to move at a modest pace with the support range of 5800-5810 and resistance range of 5900-5910. From global, the negative sentiment derives from the depreciated Yuan causing further decline in emerging markets. MSCI’s index for emerging markets edged down by 0.5%, while developed markets edged down by 0.7%. IMF stated that markets are cautious about the trade war between the U.S and China.
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