Market Recap
JCI moved lower yesterday, relating to the release of Consumers’ Confidence Index and retail sales, but it ended flat amid the rupiah appreciation. Top Gainers: Mining (+1.07%), Property (+0.96%), Finance (+0.75%).
The global markets ended mixed yesterday as investors awaited the results of the U.S. midterm election. The U.S. markets roared as the expectancy of the Democrat party to win the election. On the other side, European markets closed lower amid political uncertainties arising from the Brexit and conflicts between the EU and Italy. Asia markets moved mixed due to sluggish China’s markets.
Today’s Outlook: October’s Forex Reserves
We estimate that JCI is likely to rally with the support range of 5897-5906 and the resistance range of 5982-5992 today. Investors will digest the release of October’s forex reserves. September’s forex reserves decelerated to USD114.9 billion, and October’s forex reserves are potential for rebound. It is indicated by the rupiah experienced no pressure in October; indeed, the rupiah was capable of stably hovering below 15,000 per USD.
From the global outlook, the positive sentiments comes from the global crude prices sliding further as WTI’ crude prices declining by 1.41% due to the U.S. dispensation to 8 countries importing crude from Iran. The sliding crude prices are likely to appreciate the rupiah.
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