Indonesian Market Recap
JCI soared yesterday. The globally positive sentiment from the release of the Fed’s minutes started to recover investors’ confidence on equity markets. Top Gainers : Finance (+3.36%), Infrastructure (+3.14%), Consumer (+2.88%).
Today’s Outlook: : Focus on Commodities
We estimate that today JCI is capable of slightly moving higher with the support range of 5916-5923 and resistance range of 5990-6001. Investors could switch their focus on the commodities sector after President Trump cancelled the nuclear meeting with North Korea. Trump’s decision signaled that the geopolitical tension remains in Korean Peninsula. On the other side, the gradually stable rupiah will boost foreign investors’ confidence of focusing on Indonesia’s equity market.
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