Indonesian Market Recap
JCI closed higher on trading session of Friday as the misc. industries sector led amid the rupiah appreciated. Investors eyed the higher-than-estimate quarterly report. Top Gainers: Misc. (+3.66%), Mining (+1.93%), Manufacture (+1.40%).
Today’s Outlook: Foreign Tourists as Forex Reserves
We estimate JCI to move higher today with the support range of 5900-5920 and resistance range of 5985-6000. The Indonesian government likely boosts the tourism sector to beef up USD revenues and whittle away the trade balance deficit. Additionally, the government calls for the regional heads to elevate the tourism sector because it targets 20 million of foreign tourists with projected revenues of USD20 billion.
Download full report HERE.
