Jakarta. Indonesia’s benchmark Jakarta Composite Index (JCI) rose 29.3 points, or 0.36 percent, to close at 8,169 on Tuesday after moving in a tight range between 8,153 and 8,217.

Trading volume reached 43.9 billion shares across 3.1 million transactions, with a total turnover of Rp 28.4 trillion ($1.7 billion). Market capitalization stood at Rp 15,350.2 trillion ($926.4 billion), with 280 gainers, 401 decliners, and 119 unchanged.

Pilarmas Investindo Sekuritas said the JCI was supported by Indonesia’s solid external fundamentals, particularly its foreign exchange reserves, which remained robust at $148.7 billion at the end of September, equivalent to financing 6.2 months of imports or 6 months of imports and government foreign debt payments.

“Despite declining from $150.7 billion in August, the level remains well above the international adequacy standard of three months of imports, signaling sufficient buffers to maintain macroeconomic and financial stability,” Pilarmas wrote in a note.

Conglomerate stocks were the main cushion for the JCI as external sentiment soured following renewed fears of a potential U.S. government shutdown. Analysts warned that prolonged fiscal gridlock in Washington could rattle global markets and prompt the U.S. Federal Reserve to ease rates amid recession risks.

Shares of companies linked to tycoon Prajogo Pangestu surged 4.4 percent, adding 17.42 points to the JCI, the largest single contribution on the day. BRPT and CDIA followed with gains that added 8.91 and 7.83 points, respectively. Similarly, stocks from the Sinar Mas Group such as DSSA contributed 5.24 percent of the exchange’s total market capitalization.

According to Muhammad Wafi, head of research at Korea Investment and Sekuritas Indonesia, conglomerate shares tend to be defensive because their businesses span multiple sectors, from energy and logistics to technology and property.

“When global sentiment turns negative, local investors tend to park funds in large-cap, liquid stocks with solid track records, like those from Prajogo Pangestu and Sinar Mas groups. That’s what helped the JCI stay in the green today,” Wafi said.

Across Asia, markets were mixed in quiet holiday trading. Japan’s Nikkei 225 rose 0.3 percent to 48,083.08, extending Monday’s nearly 5-percent rally after Sanae Takaichi became Japan’s first woman prime minister, sparking optimism for more fiscal support. Markets in China and South Korea were closed, while Australia’s S&P/ASX 200 slipped 0.3 percent and Taiwan’s Taiex advanced 1.7 percent.

On Wall Street, the S&P 500 added 0.4 percent to another record high, while the Nasdaq climbed 0.7 percent, lifted by enthusiasm over artificial intelligence. Advanced Micro Devices jumped 23.7 percent after announcing a deal with OpenAI to supply chips for its AI infrastructure.