All three major US indexes closed last weekend (17/09) in the red, with S&P 500 and Nasdaq down 0.91% each. Megacap technology stocks became a weighing factor, as the 10-year US Treasury yield rose. In general, investors tend to be cautious ahead of the FOMC meeting which will take place this week.
Contrary to the direction of the majority of global exchanges, JCI managed to strengthen throughout last week; supported by net foreign purchases worth IDR 1.48 trillion. Market participants will pay close attention to the direction of the central bank’s monetary policy, both from Bank Indonesia (BI) and the US Federal Reserve. At the beginning of the week, the JCI is projected to continue consolidating in the range of 6,050-6,169.
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