Wall Street posted a significant decline on closing (18/01); with all three major indexes down more than 1.5%. The sharp downtrend in technology stocks continued, along with the rally in bond yields. The yield on the 10-year US Treasury rose again to touch 1.875%; which is also the highest level since early 2020.

Pressure on JCI continued with a correction of 0.47% yesterday; although the decline managed to be minimized by the end of the session. Market participants will still tend to take a conservative stance ahead of the BI RDG meeting this week, as well as the Federal Reserve meeting scheduled for next week. Technically, the benchmark index is projected to move in the range of 6,550 – 6,650.

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