Indonesian Market Recap
JCI closed lower yesterday as investors awaited BI’s stance on its benchmark rate. Top Losers : Miscellaneous Industries (-1.80%), Finance (-1.41%), Consumer (-1.03%).
Today’s Outlook: : Hike in Benchmark Rates
We estimate JCI to rebound with the support range of 5775-5785 and resistance range of 5923-5933. Today, investors eye cautiously BI’s stance on the hike in its benchmark rate. Indeed, BI pledged to adjust rates again with a view to maintain macroeconomic stability. BI’s stance likely has short-term impacts on the banking sector currently posting underperformance due to margin pressure.
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