Wall Street continued its decline at the beginning of the week (20/09), due to pressure to sell in almost all sectors. Market participants are worried about the impact of Evergrande’s situation in China, which is facing the threat of default on debt payments. Evergrande is the second largest real estate company in China, with total liabilities of more than USD 300 billion.
In line with regional markets, JCI was also under pressure with declines in 10 of the 11 sectoral indexes. Apart from observing the development of the Evergrande problem, investors are also faced with tapering-off plan; as the Federal Reserve’s monthly meeting begins today. Technically, the JCI still has the potential to weaken with a projected range of movement at 5,950-6,150.
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