Indonesia Stocks May Climb 18% After Slump: Technical Analysis
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Indonesia’s stocks may rise 18 percent after the benchmark index’s slump to a key Fibonacci support level created a “compelling entry point,” Auerbach Grayson & Co. said.
The Jakarta Composite index plunged 12 percent from its Dec. 9 record through Jan. 24 as overseas investors exited the nation’s stocks on concern faster inflation would spur higher borrowing costs in Southeast Asia’s biggest economy. A drop of 10 percent or more from a peak signifies a so-called correction to some analysts and investors.