Indonesian Market Recap
JCI closed lower yesterday. The hike in Bank Indonesia’s reference rate failed to stimulate investors’ interest. Top Losers : Miscellaneous Industries (-2.47%), Property (-1.27%), Finance (-0.85%).
Today’s Outlook: : Depreciated Rupiah
We estimate that today JCI will pace moderately with the support range of 5734-5739 and resistance range of 5815-5819. Bank Indonesia’s raising benchmark rate failing to boost rupiah appreciation. Rupiah depreciated further is mainly dominated by the globally negative factors. The U.S. Treasury yield hiking further decreases foreign investors’ appetite and the trade tension between the U.S. and China remains investors’ concerns.
Download full report HERE.