JCI rallied yesterday amid the rupiah appreciation. The rally was backed by the consumer sector posting the growth of 6.2% m-m in September’s car sales. Top Gainers: Consumer (+2.35%), Infrastructure (+2.14%), Misc. Industry (+1.61%).
The U.S. markets snapped at the highest yesterday as 3Q18’s positive performance. It impacted on European markets. On the other hand, Asia markets closed mixed yesterday amid the escalating geopolitical tension between Saudi Arabia and the U.S.
Today’s Outlook: Welcomes Earnings Season
We estimate that today JCI rallies with the support range of 5746-5756 and resistance range of 5863-5871. The conducive global market is marked by the rally in the U.S. market posting higher than 2% growth last night. On the other side, the sluggish USD index gives a positive energy to the rupiah appreciation. It triggers foreign investors to post a significant net buy in Indonesia’s stock market within two consecutive days.
Within the next few days, investors will focus on 3Q18’s profit performance posted by the large cap. companies in particular. Of note 3Q18’s profit performance will be released this afternoon; BMRI will release its 3Q18’s financial performance, for example.
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