Wall Street continued to decline at the close of trading (24/03/2021), led by the Nasdaq which fell 2%. Investors are seen turning back from the technology sector which has strengthened sharply last year, to sectors that are more sensitive to economic growth. Meanwhile, crude oil prices managed to rebound sharply after being depressed throughout the week.

From the domestic market, the lack of positive catalysts continued to suppress JCI movement yesterday which declined in all sectors. However, amidst the downturn, foreign investors still booked a thin net buy of IDR 23 billion. Today, JCI has the opportunity for a technical rebound with a projected range of 6,090-6,250.

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