Market Recap
JCI closed higher yesterday as the consumer sector posted the growth of 5.09% y-y in August’s car sales. Top Gainers: Misc. Industry (+4.60%), Basic Industry (+2.09%), Consumer (+1.48%).
Most of global markets closed higher yesterday along with investors’ subdued jitters of the escalating trade war between the U.S. and China. Besides, the banking sector also drove the U.S. market movement.
Today’s Outlook: Subdued Global Negative Sentiments
We estimate that today JCI likely rallies further with the support range of 5845-5851 and resistance range of 5931-5934. The global markets currently show no response to the two global negative sentiments. They kept their wary eyes on the tension arising from the U.S. and China trade war and estimated that the impacts were less threatening. Besides, the U.S. government bonds yield moving stably above 3% had no impacts on the global markets.
From the domestic outlook, the positive sentiment comes from Indonesia’s strengthening 10-year government bond declining by 13 bps from 8.39% to 8.26%. It indicates foreign investors’ confidence on Indonesia’s backdrop.
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