Indonesian Market Recap
JCI tumbled yesterday amid the depreciation in Rupiah reaching the position higher than 14,000 per USD. Top Losers : Infrastructure (-3.77%), Basic Industry (-2.64%), Consumer (-2.55%).
Today’s Outlook: Sanction Against Iran
Today we estimate JCI to lower with the support range of 5708-5721 and resistance range of 5809-5815. The negative sentiment derives from Trump’s decision to impose sanction against Iran’s nuclear weapon. The sanction is likely major catalyst for the global crude market in light of Iran as the OPEC third biggest crude producer. From domestic outlook, the further decline in the April’s forex reserve amid the depreciated Rupiah arises investors’ concerns.
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