All three major US indexes closed on a sharp decline in trading (28/09). The correction was triggered by the rise of 10-year US Treasury yield which broke through the 1.5% level; or the highest since last June. Inflation is expected to remain high, raising concerns that the Federal Reserve will raise its benchmark interest rate sooner than expected.
Domestically, the JCI continued to weaken; led by the transportation sector which fell 1.97%. Investors will be more focused on developments from global markets such as the movement of US Treasury yields amid the sluggish domestic sentiment. Technically, the JCI movement will continue to be in the consolidation range of 6,050 – 6,150.
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