Wall Street closed last week (16/07) with significant declines in all three major markets. Surpassing expectations, Retail sales figure in June reported an increase of 0.6%. This increase coupled with the solid performance report for the second quarter, has raised concerns about future inflationary pressures.

Over the past week, JCI managed to gain 0.5%; supported by foreign net buys worth IDR1.8 trillion. The market will pay close attention to the plan to extend the Emergency PPKM period and evaluate the implementation of the policy. At the beginning of the week, JCI has a chance for a technical correction in the range of 5,950 – 6,130.

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