European stock markets leaned toward strengthening, while Asia closed mixed at the beginning of the week (17/01). The release of Chinese economic data shows GDP growth of 4% in the fourth quarter of 2021, or 8.1% throughout 2021. However, indications of an economic slowdown can be seen from retail sales which only grew 1.7%; far below the analyst survey prediction of 3.7%.
Domestically, JCI started the week with a decline of 0.72%; marked by corrections in 10 of the 11 sectoral indexes. A thinning trade balance surplus in December 2021, as well as a potential 3rd wave of Covid-19; are some of the sentiments that surround the stock market. Technically, the benchmark index will try to rebound with the projected range of movement at 6,620-6,720.
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