Indonesian Market Recap
JCI rallied yesterday amid the recovery in the global markets after the trade war tension between the U.S. and China subdued. Top Gainers: Miscellaneous Industries (+0.80%), Consumer (+0.71%), Basic Industry (+0.50%).
Today’s Outlook: Less Appetite of Global Equity Markets
Today we estimate JCI to move at modest pace with the support range of 6166-6175 and resistance range of 6234-6244. It is projected that the tumble in Facebook’s shares constituting as the negative global sentiment impacted on JCI. Of note, the technology’s shares significantly rallied in 2017; therefore, the tumble in the technology’s shares indicated that the global investors have less appetite for the technology’s shares. Besides, the decline in government bond yields into the position lower than 2.8% indicating similar issue.
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