Jakarta. Indonesian stocks edged higher at Wednesday’s open as investors weighed signs of a gradual recovery in domestic retail activity against cautious global sentiment ahead of key US inflation data.

Jakarta Composite Index (JCI) rose 10 points, or 0.16%, to 6,277. The index moved between 6,272 and 6,319 during early trading.

Trading volume reached 4.14 billion shares, with turnover of Rp 1.45 trillion ($81.16 million) across more than 233,000 transactions. A total of 374 stocks rose, 136 fell and 189 were unchanged.

Domestically, Phintraco Sekuritas said Indonesia’s retail sales declined 3% year-on-year in June 2026, narrowing from a 3.9% contraction in May.

The slower decline reflected the initial impact of government stimulus measures aimed at supporting consumer purchasing power amid rising cost pressures, the brokerage said.

On a monthly basis, retail sales increased 0.7%, marking the first monthly gain in three months. Middle- and upper-income consumers are expected to remain the main support for retail sales.

In a separate research note, Kiwoom Sekuritas Indonesia said tax revenue reached Rp 1,209.6 trillion through the end of July 2026, equivalent to 51.31% of the state budget target and up 22.17% from Rp 990.01 trillion a year earlier.

However, the government still faces a potential Rp 46.9 trillion shortfall, with 2026 revenue projected at Rp 2,310.8 trillion, or about 98% of the target.

The government is also continuing to strengthen regulations and incentives to encourage private investment in renewable energy through Presidential Regulation No. 112/2022 and Energy and Mineral Resources Ministry Regulation No. 19/2025, alongside tax, import and licensing facilities.

“This policy is aimed at supporting the target of developing 100 GW of solar power,” Kiwoom said.

In the electric vehicle sector, President Prabowo Subianto is scheduled to inaugurate the National Electric Motorcycle Program on Aug. 13, 2026, at the ALVA facility in Cikarang. Details on participating manufacturers, models, specifications and the program scheme are still awaiting an official government announcement.

Globally, Kiwoom said market sentiment remained cautious as investors maintained defensive positions ahead of several macroeconomic catalysts and corporate earnings reports.

Wall Street closed lower on Tuesday, with the S&P 500 falling 0.32% to 7,728, the Nasdaq Composite declining 0.60% to 26,445 and the Dow Jones Industrial Average slipping 0.34% to 53,791.

The weakness was mainly driven by pressure on major technology stocks, while investors adopted a wait-and-see stance ahead of the release of US consumer price index data.

As of 9:09 a.m. Jakarta time on Wednesday, Japan’s Nikkei 225 was up 0.11%, South Korea’s Kospi had advanced 3.59%, Hong Kong’s Hang Seng had slipped 1.02% and the Shanghai Composite had gained 0.10%.

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