US stock markets closed in the red (22/02), with the Dow Jones leading the decline by 1.42%. US President Joe Biden announced sanctions against Russia, which will target financial institutions in the country. This follows the move of Russian President Vladimir Putin who recognized the sovereignty of several regions in Eastern Ukraine.

In line with the majority of Asian markets, the JCI experienced a 0.59% correction to the level of 6,861 yesterday. In the midst of pressure from external geopolitical factors, investors were seen taking profit taking after the domestic market posted a new all-time high earlier in the week. Technically, the benchmark index will try to rebound with the projected range of movement at 6.800-6.950.

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