Market Recap
JCI was sluggish yesterday, suppressed by the banking sector. Besides, the net foreign sell amounted to IDR684.49 billion. Top Losers: Finance (-1.99%), Basic Industry (-1.13%), Misc. Industry (-0.45%).
The global market moved mixed yesterday. Investors still kept their wary eyes on the escalating trade war between the U.S. and China as well as the possible trade deal between the world’s two most powerful economies. European market ended on a high note as EU is committed to reaching a Brexit deal with the U.K.
Today’s Outlook: The U.S. Negotiation Plan
Today we estimate JCI to end on high note with the support range of 5769-5776 and resistance range of 5839-5851. The positive sentiment comes from Asia’s stock better movement in this morning. The U.S. finally seeks to reopen trade talk with China – a possible way to subdued tension arising from the trade war between the world’s two largest economies. The U.S. has sent an invitation to Chinese officials. The trade talk is schedule to be performed in the next few weeks.
From domestic outlook, today the Finance Ministry will conduct a meeting with the parliament, discussing the macro assumptions used to draft 2019 state budget (APBN). Amid the global volatilities looming Indonesia, investors await the significant changes in APBN’s assumption by the government.
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