The Dow Jones closed higher for the 10th consecutive day at the end of last week, the longest rally in 6 years. Asia-Pacific markets fell into negative territory on Friday trading (07/21/23) as investors weighed China’s stimulus moves and digested Japan’s consumer price index figures for June that were heating up. South Korea’s PPI fell 0.2% YoY in June, lower than May’s 0.5% increase and the first month since November 2020 in which the index sank into contraction territory. Chinese authorities unveiled plans to help boost car and electronics sales to shore up its sluggish economy. Starting this week a series of PMI data for July will be presented by Japan, France, Germany, Euro Zone, UK and US.
According to JISDOR, the Rupiah exchange rate last Friday stood at IDR15,026/USD; weakening 35 points (0.23%). Foreign Direct Investment (FDI) to Indonesia, excluding investment in the banking and oil and gas sectors, increased 14.2% YoY to IDR186.3 trillion in the second quarter of 2023, the slowest pace of growth in a year and a half. JCI’s position at the end of last week was the most definitive in the last 2 months, holding above the 6800 level solidly, keeping the short-term bullish swing intact by moving above the MA10 platform. NHKSI RESEARCH sees that Uptrend should still be maintained with TARGET towards a critical Resistance level of 6950- 6970 but if we have to test Support again then take 6820-6800 area from MA10 as the closest Support.
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