Indonesian Market Recap
JCI closed lower yesterday. Investors awaited the result of Bank Indonesia’s Board of Directors Meeting. Top Losers: Finance (-1.79%), Basic Industry (-1.46%), Property (-1.15%).
Today’s Outlook: The U.S. – China Trade War
We estimate JCI to move lower with the support range of 6207-6215 and resistance range of 6291-6297. The negative sentiment stems from the intense trade war between the U.S. and China. Trump has signed memorandum to implement the import tariff of USD60 billion to China. Trump stated “this is the first of many” trade actions, and China respond with imposing import tariff to 128 products exported by the U.S.
Download full report HERE.