In addition to concerns about the Fed’s tight monetary policy next week, investors are once again looking at the impact of the Covid-19 lockdown in China. Wall Street opened lower earlier in the week. However, investor optimism on the release of financial performance, in which about 160 companies from the S&P 500 index are expected to report their balance sheets this week, pushed Wall Street stock markets to close higher.
The sentiment of the Federal Open Market Committee meeting next week, and the government’s policy to ban exports of Crude Palm Oil and derivative products from cooking oil raw materials, influenced the JCI movement earlier this week. The JCI was briefly depressed to the level of 7,122, before finally closing at the level of 7,215 or slightly weaker compared to last Friday. The transportation and logistics sector led the decline or fell by 2.24%. This was followed by the cyclical energy and consumer sectors, which fell by 1.29% and 1.27%, respectively. NHKSI Research projects that today JCI will move upward with a range of 7,150-7,300.
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