JCI finished lower yesterday amid further net foreign buy. The drop was beset by the sluggish financial sector. Top Losers: Mining (-1.80%), Property (-1.33%), Finance (-0.98%).
The U.S. bourses fell yesterday due to the possibility of murky outlook of 2019’s company earnings. Investors were beset by the U.S. plan to impose another new tariffs on China’s products. European bourses snapped higher, led by the automotive and banking sectors, while Asia bourses closed mixed yesterday.
Today’s Outlook: The U.S. Imposes Import Tariffs
We estimate that today JCI is likely to move at sluggish pace with the support range of 5703-5709 and resistance range of 5787-5800. The U.S. tit-for-tat tariffs on China’s product sparked by the possible failure of talks between Xi Jinping and Trump constitutes as global volatility. The tariffs taking effect on the early of December are imposed on products worth USD257 billion.
From the domestic outlook, foreign investors posted net buy. 3Q18’s earnings draw foreign investors’ interest to perform net buy. Indeed, foreign investors keep their eyes on inflation data.
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