Wall Street closed last week (11/02) in the red, with all three major indexes declining significantly. Market participants resumed selling, after the Biden administration issued a warning that a potential Russian invasion of Ukraine could be imminent. This adds to the negative sentiment in the market, which in general is projecting a rate hike of up to 2% this year.
Domestically, JCI slightly contracted by 0.12% last Friday after previously setting a new record high. The swift inflow of foreign funds became the main catalyst, while investors were still waiting for more issuers to announce their financial performance for the 2021 financial year. For today, the benchmark index will try to rebound with an estimated range of movement at 6,750-6,875.
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