Indonesian Market Recap
JCI rallied yesterday as the consumer shares led the rally amid the release of Indonesia’s 1Q18 economic growth of 5.06%. Top Gainers : Consumer (+5.09%), Mining (+1.37%), Agri (+1.26%).
Today’s Outlook: : Forex of April
Today we estimate JCI to rally with the support range of 5808-5815 and resistance range of 5909-5919. Today’s main sentiment derives from the release of April’s forex. Indonesia’s forex declined consecutively whittled away in February and March. The April’s forex is estimated to lower ignited by the intervention by Bank Indonesia (BI). However, the rupiah depreciation diving at 14,000 escalates investors’ concerns about the effectiveness of financial market intervention by Bank Indonesia (BI).
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