JCI rallied yesterday amid BI’s stance of hiking its benchmark rate by 25 bps. Top Gainers: Consumer (+2.20%), Basic Industry (+1.40%), Mining (+1.08%).
The global markets finished on high notes yesterday. Investors digested the Fed’s monetary tightening and kept their wary eyes on the updated global trade. The U.S. stocks rose as the tech. sector snapped higher. On the other hand, majority of Asia markets closed lower yesterday after Jerome Powell’s speech.
Today’s Outlook: The Last Day of 3Q18
Today is the last day of 3Q18, we estimate JCI to rally with the support range of 5898-5906 and resistance range 5975-5985. From the global outlook, the main stock markets moves under conducive circumstances. It shows that the result of FOMC meeting gave no negative significant impacts on investors. Besides, investors shrugged off the U.S and China’s trade war. It signals that the impacts of the trade war dimmed.
From the domestic outlook, BI’s stance of raising its benchmark rate by 25 bps is positively responded by stock markets. The raising in BI’s benchmark rate likely give impacts on the return of capital inflow in Indonesia’s stock markets amid the stable rupiah movement.
Download full report HERE.