Wall Street closed significantly higher in trading (09/03), led by the Nasdaq which was up 3.59%. Investors were seen bargain hunting on stocks in the banking and technology sectors, amid hopes for a resolution to the Russia Ukraine conflict. Meanwhile, global oil prices fell sharply after the United Arab Emirates supported an increase in production to prevent the impact of supply disruptions from Russia.
JCI was able to rebound by 0.74% to a level of 6,864 yesterday, led by the Property sector which rose 3.89%. In addition, the transportation and logistics sector also managed to increase by 3.13% in line with the relaxation of travel requirements which no longer required PCR or antigen results. Technically, the benchmark index has the potential to continue rally with the projected range of movement of 6.850 – 6.950.
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