Market Recap
After a steep plunge, JCI ended lower to near 1% along with net foreign sell of IDR587 billion. JCI’s movement is constrained by the banking sector. Top Losers: Mining (-5.03%), Agriculture (-1.57%), Finance (-1.51%).

Most global markets rebounded yesterday. The movement in the tech. sector still suppressed the U.S. market rally. On the other side, European market eyed on Brexit talks and the plan of the European Union to impose sanctions of Italian’s 2019 budget. China’s markets rallied yesterday, responding to Trump’s comment.

Today’s Outlook: Global Market Rebound
Today we estimate JCI to rally with the support range of 5908-5915 and the resistance range of 6008-6012. The global market backdrop is conducive, marked by the rebound in most global stock markets and rebound in crude prices. However, the fears of the U.S. economy slowdown still loom the global markets. The markets start to digest that the U.S. economic growth is backed by the tax cut, hardly to be carried on in 2019.

The impacts of the slowdown in global markets on Indonesia’s markets are insignificant. The rupiah moves stably at 14,600 per USD. On the other side, the foreign investors’ net sell is still lower than the capital inflow occurring on recent weeks.

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