Indonesian Market Recap
JCI weakened in contrast to Asia markets strengthening. Investors digesting government Islamic bonds lack of buyers. Top Losers: Consumer (-1.21%), Property (-1.14%), Basic Industry (-1.06%).
Today’s Outlook: Trump’s Administration Turmoil
Today we estimate JCI to lower with the support range of 6446-6452 and resistance range of 6523-6529. The negative sentiment derives from Gary Cohn resigning as the economic advisor of Trump’s administration due to the jitters of import tariff policy. From domestic outlook, the negative sentiment derives from the decline in consumers’ confidence index into the lowest level since November. Besides, today investors await the release of February’s foreign reserves. The data is crucial to be digested amid the downtrend of rupiah.
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