Market Recap
JCI finished lower on Friday along with profit taking by local investors and the rupiah appreciation. Top Losers: Infrastructure (-1.43%), Mining (-1.00%), Consumer (-0.39%).
Global markets were at a modest pace after the Nissan’s CEO was arrested on the ground of financial misconduct. The U.S. markets were at a negative territory as the technology and energy sector finished lower due to the slowdown in global crude prices. The U.S. tech. worst performance crept into European tech. sector. Besides, the global market’s fears of the 2019 economic slowdown is possible to constrain the global markets.
Today’s Outlook: Tumble in Global Market
Today we estimate JCI to reign at a modest pace with the support range of 5949-5959 and the resistance range of 6022-6028. Today JCI is likely to get impacts of the tumble in the global markets. The negative sentiment comes from the estimated slow growth in the U.S. economy of 2019. JP Morgan estimated that the U.S. economic growth will tumble to 1.9% in 2019, lower than that of 3.1% in 2018.
On the other hand, the positive sentiment comes from Goldman Sachs’ estimate of the double-digit growth in emerging economies’ stock markets outstripping South America’s stock markets.
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