Jakarta. Jakarta Composite Index (JCI) swung sharply on Monday but managed to end the session in positive territory, buoyed by upbeat signals from the International Monetary Fund (IMF) even as global markets turned cautious ahead of key policy cues.

The benchmark closed up 24.32 points, or 0.27%, at 8,975, after moving within a wide intraday range of 8,923–9,058, underscoring heightened volatility.

Trading activity was robust. Volume reached 57.11 billion shares, with turnover at Rp 36.89 trillion ($2.2 billion) across more than 3.8 million transactions. Market breadth remained negative, with 267 gainers, 428 decliners, and 110 unchanged.

Among the day’s top gainers were Jasnita Telekom (JAST), which surged 34.23%, Mitra Pedagang Indonesia (MPIX) up 34.21%, Pelayaran Nasional Bina Buana Raya (BBRM) rising 34.04%, and Alakasa Industrindo (ALKA), which added 24.75%.

On the losing side, Ever Shine Textile (ESTI), Sanurhasta Mitra (MINA), Makmur Berkah (AMAN), and Sinergi Inti Andalan Prima (INET) each slid 15%.

Pilarmas Investindo Sekuritas said the JCI’s gains were underpinned by recent praise from the International Monetary Fund, which it said reinforced confidence in Indonesia’s growth outlook. The IMF projects Indonesia’s economy to expand 5.0% in 2025 and accelerate to 5.1% in 2026.

“This aligns with rising confidence in pro-growth fiscal policies,” Pilarmas wrote in its research note.

At the same time, the IMF urged Bank Indonesia to be more cautious with foreign-exchange interventions, stressing that the rupiah should continue to function as a primary shock absorber amid elevated global uncertainty.

Investors are also closely watching signals ahead of the upcoming policy decision by the Federal Reserve, seeking clarity on the future path of US interest rates.

From China, Pilarmas noted tighter regulatory oversight on speculative trading, with authorities cracking down on market manipulation and high-frequency trading while raising margin requirements to curb capital market risks. China’s central bank has also signaled readiness to cut banks’ reserve requirement ratios and key lending rates this year to maintain ample liquidity.

Across Asia, markets mostly weakened. Japan’s Nikkei 225 dropped 1.8% to 52,870, pressured by a stronger yen that weighed on major exporters such as Toyota Motor Corp., whose shares fell 4%. The yen rebounded sharply in recent days amid speculation of possible intervention by Japanese authorities, potentially in coordination with the US.

“Intervention chatter did the trick. Since Friday, the yen has staged a sharp rebound on expectations that Japanese authorities, possibly with US coordination, would step in,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

Elsewhere, South Korea’s Kospi slipped 0.7% to 4,955. Hong Kong’s Hang Seng edged down less than 0.1% to 26,735, while China’s Shanghai Composite added 0.1% to 4,141.

On Wall Street, trading was mixed at the end of last week. The S&P 500 inched up less than 0.1% to 6,915, though it still posted a second straight weekly decline. The Dow Jones Industrial Average fell 0.6% to 49,098, while the Nasdaq Composite rose 0.3% to 23,501. Most US stocks declined, with Intel dragging on sentiment after plunging 17%.

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