Market Recap
JCI continued to rally yesterday amid the rupiah appreciation. JCI’s movement was also backed by the construction and property sectors. Top Gainers: Property (+1.90%), Misc. Industry (+1.48%), Trade (+0.61%).
The U.S. bourses gained more than 2% as the results of midterm election coming in about as expected. Following the U.S. midterm election, Europe markets finished higher, backed by the banking, retail, and construction sectors. On the other side, Asia markets closed mixed as the U.S. midterm election gave no significant impacts on the U.S. – China.
Today’s Outlook: Covered by Positive Sentiments
We estimate that today JCI will rally with the support range of 5908-5916 and resistance range of 5982-5992. Bank Indonesia (BI) released October’s forex reserves of USD115.2 billion, edging up from USD114.9 billion. On the other side, the rupiah is appreciated significantly to 14.590 per USD. It attracts foreign investors to post net buy of IDR738 billion.
From the global outlook, positive sentiments come from the results of the U.S. midterm election signified the U.S House of Representative’s power divided into the GOP and Democrat. The backdrop indicates that President Trump’s policy will face fierce opposition from the House of Representative. Additionally, global crude was in a negative territory after the U.S. oversupply.
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