Indonesian Market Recap
JCI closed at dramatic plunge yesterday amid the global markets pressure and investors awaiting the release of Indonesia forex reserve. Top Losers: Mining (-3.56%), Consumer (-3.07%), Miscellaneous Industries (-2.57%).
Today’s Outlook: Moody’s Statement
We estimate JCI to move lower with the support range of 6320-6321 and resistance range of 6386-6395. From domestic, the negative sentiment derives from Moody’s statement citied that the Indonesian government’s decision not to change electricity tariff and subsidized petroleum until 2019 are backward step in fiscal reformation. In the other flip side, the forex declined into USD128.06 billion in February shows Bank Indonesia (BI) endeavor to intervene rupiah movement.
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