Market Recap
JCI continued to rally yesterday as it is backed by the basic industry sector and the tumble in the global crude prices. Meanwhile, investors also awaited the release of trade balance data and BI’s benchmarks. Top Gainers: Basic Industry (+3.64%), Misc. Industry (+1.74%), Consumer (+0.91%).

Global markets were mostly in a negative territory yesterday along with the decline in global crude prices. The U.S. markets were constrained by the banking sector and Apple’s stocks as fears of slowdown in iPhone’s sales loomed. European markets focused on the Italian government leaving its 2019 budget unchanged and the positive update of Brexit.

Today’s Outlook: October’s Trade Balance
We estimate that today JCI is likely to rally with the support range of 5815-5827 and resistance range of 5916-5924. Today investors will focus on the release of October’s trade balance. In September, Indonesia posted the trade surplus of USD227.1 million triggered by the decline in crude imports volume. Investors awaited whether or not the surplus continue further after the slowdown in global crude prices.

Indeed, investors also awaited the result of BI’s Board of Governors Meeting. BI is estimated to maintain its benchmark rate as the rupiah is appreciated further.

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