Indonesian Market Recap
JCI was bearish yesterday as investors negatively responded to the quick count of regional election indicating Jokowi’s chance in the presidential election. Top Losers : Miscellaneous Industries (-3.10%), Mining (-1.73%), Property (-1.14%).
Today’s Outlook: : An Alarming Regional Election’s Result
We estimate that today JCI moved at moderate pace with the support range of 5734-5738 and resistance range of 5815-5822. The result of regional election portrayed Jokowi needs to spend more effort to win the 2019’s Presidential Election. PDIP only succeeded to win in Central Java out of 3 big provinces in Java. Based on this fact, Jokowi must struggle to build robust coalition to win the 2019’s Presidential Election. On the other side, today rupiah depreciated at higher than 14,200 per USD likely pressure market.
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