HANG SENG & DJI closed their tradings last week with positive notes as the indices gained 2.08% and 1.7%, respectively, while JCI is still struggling in the negative territory of -0.64% as the aftermath of IDR2.41 trillion Foreign Net Sell from all markets. The US CPI data (Dec.), which managed to ease down to 6.5% from 7.1% in the previous month, as well as the strengthening of IDR across EM to IDR15140 / USD (+2.9%). However, it still has not succeeded to get JCI out of its Bottoming pattern between the Support-Resistance range of 6550-6660, probably due to a negative view from the World Bank, which cut the global economic outlook to 1.7% from 3% previously. The US interest rate trend is suspected to appear at the level of 5% throughout 2023, citing varied statements from Fed officials, who expected next month’s rate decision to be more dovish, as the market is only expecting 25 bps.

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