Indonesian Market Recap
JCI closed flat last Friday. The stable rupiah bolstered by the correction to USD halting the steep decline in rupiah. Top Losers : Basic Industry (-1.28%), Trade (-1.15%), Infrastructure (-1.01%).
Today’s Outlook: : Trade Balance
We estimate JCI to rally with the support range of 5792-5796 and resistance range of 5873-5883. Investor will keep their eyes on the trade balance of May to be released today. Based on consensus, Indonesia’s trade deficit of May is estimated to whittle away into USD553 million from USD1.6 trillion in April. Besides, OPEC agreed to a modest increase in output likely bolsters a stable global crude prices.
Download full report HERE.
