Wall Street closed with a significant rebound on (15/02), marked by strengthening in all three major indexes. Investors responded to the easing of geopolitical tensions, after Russia reportedly opened a diplomatic resolution route and pulled some troops from the Ukrainian border region. Technology sector stocks became the catalyst for the rally, while crude oil prices fell again to touch the level of USD 90/barrel.
Domestically, the JCI rose 1.08% to a level of 6,807; supported by foreign net buys which reached IDR 968 billion. The release of trade balance data for the January 2022 period showed a surplus of USD 930 million, which although slowed, was still above the initial estimate of USD 199 million. Technically, JCI has the opportunity to move higher with a projected range of movement at 6,750-6,875.
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