Jakarta. Jakarta Composite Index (JCI) closed higher on Monday as investors tracked gains across Asian equities and positioned ahead of a potential US Federal Reserve rate cut next week.

The benchmark ended the session at 8,548, rising 40.08 points or 0.47 percent, after moving between 8,493–8,555. Trading reached 45.27 billion shares with a turnover of Rp 21.74 trillion ($1.31 billion), executed through more than 2.6 million transactions. A total of 317 stocks advanced, 380 declined, and 113 were flat.

Pilarmas Investindo Sekuritas said optimism continued to build after recent dovish signals from US policymakers. CME FedWatch data showed an 87.4 percent probability that the Fed will cut its benchmark rate at the December 10 meeting. Pilarmas added that investors are awaiting comments from Fed Chair Jerome Powell later this week.

Regional sentiment was mixed as manufacturing indicators across Japan, China, South Korea, and Taiwan remained stuck in contraction. Pilarmas noted that this trend signals the absence of meaningful progress from US tariff negotiations in supporting a broader recovery.

Japan’s Nikkei 225 fell 1.9 percent to 49,303 after weaker corporate investment figures, while the country’s manufacturing PMI came in at 48.7, a slight improvement from 48.2 in October but still indicating contraction for a fifth straight month. “The latest PMI data showed that Japan’s manufacturing sector continued to struggle with weak demand conditions in November, with firms signaling another solid decline in overall new business,” said Annabel Fiddes, economics associate director at S&P Global Market Intelligence.

China’s factory activity contracted for the eighth straight month in November, although Hong Kong’s Hang Seng rose 0.4 percent to 25,973. Shares of online food delivery giant Meituan slipped 2.8 percent after the company reported a quarterly net loss amid intense industry competition. The Shanghai Composite gained 0.7 percent to 3,914.

The Kospi in Seoul slipped 0.2 percent to 3,920.37, and Australia’s S&P/ASX 200 declined 0.6 percent to 8,565.20.

On Wall Street, stocks rallied last week on renewed hopes of another Fed rate cut after a mid-November pullback tied to concerns about the sustainability of the artificial intelligence-driven rally. Nvidia lost 1.8 percent on Friday and ended the month with a double-digit decline.

The Fed, which has already cut rates twice this year to support a cooling labor market, faces a more complex policy environment as inflation edges up. October meeting minutes showed deep divisions among policymakers over the next move.

Domestically, Pilarmas said sentiment was supported by Indonesia’s improving factory activity. The S&P Global Indonesia Manufacturing PMI rose to 53.3 in November from 51.2, helped by stronger production and a surge in new orders. Pilarmas said the data signaled a recovering manufacturing sector and improving economic momentum.

The Central Statistics Agency (BPS) reported an October trade surplus of $2.4 billion, with exports at $24.24 billion and imports at $21.84 billion. BPS also recorded November inflation at 0.17 percent month-on-month and 2.72 percent year-on-year, comfortably within Bank Indonesia’s 2.5±1 percent target.

In today’s movers, Black Diamond Resources (COAL) led the gainers after soaring 34.94 percent. Optima Prima Metal Sinergi (OPMS), Minna Padi Investama (PADI), and Buana Artha Anugerah (STAR) followed with sharp rallies of 34.45 percent, 34.43 percent, and 34.41 percent, respectively.

On the losing side, Duta Intidaya (DAYA) dropped 14.97 percent, while Jaya Sukses Makmur Sentosa (RISE) fell 14.95 percent. Ever Shine Textile (ESTI) declined 14.81 percent, and Sinergi Inti Plastindo (ESIP) slipped 14.16 percent, marking the session’s steepest losses.

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