The three main US markets closed lower simultaneously on the start of trading week (17/05). Technology sector remained the main ballast as the outward rotation to cyclical stocks continues. Meanwhile, the price of gold returned to its highest level in the last 3 months.
From within the country, yesterday’s sharp correction in the JCI was contrary to the majority of regional exchanges that managed to turn green. This was accompanied by the weakening of the USD/IDR exchange rate, as well as ending the rally that had occurred during the past month. For today, the JCI has the opportunity to technically rebound in the range 5,817 – 5,960.
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