Indonesian Market Recap
JCI moved lower yesterday due to profit taking action and BI’s statement of further benchmark rate hike. Loser : Basic Industri(-1.4%), Consumer (-1.1%), Infrastructure (-0.7%).
Today’s Outlook: : BI’s Statement
We estimate JCI to move at moderate pace with the support range of 5974-5994 and resistance range of 6105-6115. From global outlook, China urged that the U.S. not to hike tariffs on China products as China will increase the number of products amounting to USD70 billion imported from the U.S. The negotiation between China and the U.S. subdued the global jitters of the trade relation between the two countries. From domestic outlook, the negative sentiment comes from BI’s stance of further hike in benchmark rate adapting to the economic growth in Indonesia.
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