All three major US indexes rose at the closing (16/11); led by Nasdaq with a 0.76% gain. The release of retail sales data showed 1.7% growth last month; higher than the consensus estimate of 1.4%. This also eased concerns about changes in the Federal Reserve’s policy in the face of high inflation rates.
From the domestic market, the JCI managed to rebound 0.53% to a level of 6,651; supported by strengthening in 9 of 11 sectoral indexes. Market participants will tend to take a wait and see attitude ahead of the start of the Bank Indonesia Board of Governors’ Meeting (RDG) today. Technically, the benchmark index has a chance to continue rally with a projected range of movement at 6.626 – 6.710.
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