Indonesian Market Recap
JCI rallied yesterday amid the release of Indonesia’s trade balance data posting the deficit of USD1.5 billion. Top Gainers : Consumer (-2.94%), Property (+0.77%), Infrastructure (+0.43%).
Today’s Outlook: : Import Pace Accelerates
Today we estimate JCI to rally with the support range of 5815-5822 and resistance range of 5896-5904. Indonesia’s trade balance of May still posted the deficit of USD1.5 billion. However, the hike of 28% in May’s import showed that the trend of recovery in domestic consumption remained. Although Ramadhan month had passed in May, corporation still imported. It showed the post-Eid Mubarak business’s confidence will be still higher.
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