Wall Street managed to strengthen significantly on closing (08/12); led by Nasdaq which jumped 3.03%. Market participants are hunting for technologybased stocks such as Apple and Intel, which indicates optimism towards the end of the year. Positive sentiment also came from signs that several circulating vaccines are already quite effective in dealing with the Omicron variant of Covid19.
Domestically, yesterday’s strengthening of JCI managed to bring the benchmark index back above the 6,600 level. The government cancels the implementation of PPKM level 3 in its entirety during the Christmas-New Year period, although it will continue to apply some tighter rules. Technically, JCI has the potential to continue rally with a projected range of 6,550-6,650.
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