Indonesian Market Recap
JCI soared to hit nearly 2% attributable to the all-time high consumer confidence index. Top Gainers: Finance (+3.33%), Infrastructure (+2.58%), Basic Industry (+2.47%).
Today’s Outlook: Recovery in Domestic Consumption
We estimate JCI to rally with the support range of 5768-5774 and resistance range of 5853-5859 today. The positive sentiment comes from the release of upbeat consumer confidence index. It signs that a number of government stimuli succeed to boost the trend of domestic consumption amid the depreciated rupiah. The positive global market backdrop will also boost market confidence. However, investors need to be cautious on the trend of lingering net sell by foreign investors.
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