Indonesian Market Recap
JCI continued to lower yesterday amid investors’ concerns about S&P statement of the further decline in rupiah to hit IDR15,000 per USD. Top Losers: Consumer (-2.35%), Infrastructure (-2.10%), Mining (-1.75%).
Today’s Outlook: Protectionism Escalates
We estimate JCI to lower with the support range of 6368-6372 and resistance range of 6432-6435. The negative sentiment derives from Trump decision to oust Secretary of State Rex Tillerson. Markets digested Trump’s decision as an aggressive strategy for the U.S protectionism policy. Besides, the protectionism policy is also backed by Trump’s plan to impose the import tariff and curb China’s investment.
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