Wall Street closed trading (26/05) with moderate gains in all three main markets. The increase was still based on optimism that the economy will reopen, which is expected to generate significant consumption growth. Meanwhile, oil prices managed to rebound after inventory stocks were reported to have fallen more than expected.
Domestically, the increase in transaction volume and net foreign buy is expected to continue supporting JCI. Investors welcomed Bank Indonesia’s decision to maintain interest rates and projected economic growth in 2021. Today, JCI is expected to move in a consolidated manner with a tendency to strengthen in the range of 5,750 – 5,850.
Download full report HERE.