Indonesian Market Recap
JCI closed lower yesterday as Bank Indonesia raised its reference rate into 4.75%. Top Losers : Misc Industries (-2.01%), Infrastructure (-1.85%), Finance (-1.12%).
Today’s Outlook: : Subdued Political Turmoil in Italy
We estimate that today JCI likely close higher with the support range of 5940-5950 and resistance range of 6220-6230. The pressure stemming from political turmoil in Italy subdued after two anti-establishment parties attempted to form new government than the polls for the second election. This backdrop subdued global investors’ jitters. On the other side, investors also need to keep their eyes on the trade war between the U.S. and China as Trump planned to impose new tariff of USD50 billion on China’s products.
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