Indonesian Market Recap
JCI closed higher yesterday as ASII’s stocks rallied amid the buoyant car sales in Indonesia. Top Gainers : Miscellaneous Industries (+5.12%), Basic Industry (+1.01%), Infrastructure (+0.87%).
Today’s Outlook: : Correction to Dollar
We estimate that today JCI rallies with the support range of 5712-5717 and resistance range of 5808-5813. The main sentiment comes from the expectancy of the release of Fed’s minutes. Dollar slightly depreciates and the U.S. Treasury yield moves flat ahead of the release of the Fed’s minutes. This backdrop signals investors’ doubt on the extreme monetary tightening by the Fed. Besides, the depreciated dollar is spurred by the failure of trade negotiation between the U.S. and China ignited by Trump’s latest statement.
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