Indonesian Market Recap
JCI continued to rally on Friday, 05/11, due to the release of the U.S. inflation lower than estimate. Top Gainers : Basic Industry (+2.56%), Trade (+2.33%), Property (+2.20%).
Today’s Outlook: : Rebound in Rupiah
We estimate JCI to rally with the support range of 5909-5921 and resistance range of 6006-6021. The positive sentiment comes from the release of the 1Q18 current account deficit of USD5.5 billion lower than USD6.0 billion. The backdrop has triggered rally in rupiah so that it settled lower than 14,000 per USD. From global outlook, the correction to USD triggered by the U.S. low inflation caused other emerging currencies to rebound.
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