Big Tech. not yet able to convince investors, as the Technology Sector depreciated by 6% for the week. Investors are looking forward to the next move of this sector’s stocks amid the company’s expense challenges and the BI 7DRR benchmark interest rate, which reached the level of 5.25%. The pressure in the Technology sector is in contrast to the Property Sector, which experienced an appreciation of more than 2% in the same period. Technical Rebound of the Property Sector occurred as the IDXProp Index still depreciated by 9% YTD, or tried to rebound after touching the Bottom last July. Property Sector appreciation is in contrast to the rising of BI 7DRR in the same period. During the week, JCI moved relatively flat, in line with the lack of domestic economic sentiment, and investors Wait and See to await the FOMC Meeting Minutes results. The Fed’s minutes show that the US Central Bank may begin to loosen the pace of FFR hikes, complementing other US economic data, such as the Unemployment Rate in Oct., which rose to 3.7%, and the incline in CPI and PPI inflation.
Download full report HERE.