Wall Street’s rally earlier in the week was supported by gains in a number of large-cap banking and technology stocks. Dow Jones led the gains, closing up nearly 2%. Meanwhile, S&P 500 and Nasdaq rose 1.86% and 1.59%. Investors are beginning to believe that the Fed can condition the US economy in a “soft landing” amid tight monetary policy. Market participants are waiting for the results of the FOMC Meeting Minutes held this week.
JCI at the beginning of the week closed down 1.12% to 6,840, ahead of BI’s RDG. Foreign investors recorded a net sell of IDR 154 billion, with eight of the eleven sectors posting declines. Based on the survey, BI is projected to still hold the BI 7DRRR for the period of May at the level of 3.50%. NHKSI Research projects that the JCI will rebound today, with a range of 6,800 to 7,000.
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