Indonesian Market Recap
JCI ended higher yesterday amid the post release of the April’s inflation at 3.41% slightly higher than the March inflation of 3.40%. Top Gainers : Misc Industries (+2.55%), Mining (+1.63%), Finance (+1.06%).
Today’s Outlook: The U.S. Higher Inflation
Today, we estimate JCI to move at moderate pace with the support range of 5952-5958 and resistance range 6301-6035. The negative sentiment comes from the Fed’s statement after FOMC meeting. The Fed stated that inflation will pace higher. The statement was in stark contrast to its March statement of inflation to settle slightly lower than 2%. On the other side, the global markets also digested the trade negotiation between the U.S.–China dated 05/03-05/04.
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