Market Recap
JCI rallied for 4-winning streak, backed by the banking sector and the massive net by hit highest at IDR1.65 trillion. Top Gainers: Infrastructure (+2.09%), Basic Industry (+1.70%), Agriculture (+1.45%).
The global markets closed mixed on Friday’s trading session. The global investors still focused on Brexit and the unresolved trade dispute between the U.S. and China. The U.S. markets suppressed by the lower-than-expected tech. sector. On the other side, European markets dragged lower by the banking and automotive sectors as well as Pounds’ depreciation.
Today’s Outlook: The U.S. and China’s Relation
We estimate JCI to kick at modest pace with the support range of 5949-5959 and the resistance range of 6053-6043. JCI’s 4-day rally streak made it vulnerable to any corrections. The global negative sentiment comes from the updated trade tension between the U.S. and China. At APEC’s meeting held in Papua New Guinea, the U.S. and China made critics war against each other. It sparked jitters on the negotiation uncertainty between the two countries.
On the other side, IDX’s day off on Tuesday will make investors to choose profits secured at last week’s rally. Investors will digest the global pressure is possible to occur at IDR’s day off.
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