Indonesian Market Recap
JCI closed on a high note. Investors eyed on the quarterly financial statements. Top Gainers: Infrastructure (+1.54%), Consumer (+1.48%), Finance (+0.98%).
Today’s Outlook: Strengthening Forex Reserves
We estimate JCI to rally with the support range of 5880-5890 and resistance range of 5970-5980. The Indonesian government planned to obtain loan other than rupiah from varied multilateral institutions as an additional option of the current loan program. The loan provided by multilateral institutions such as World Bank and International Monetary Fund (IMF) allows the Indonesia government to have a number of alternative loan facilities other than rupiah bonds.
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