Jakarta. Indonesian stocks rose 0.48% to 6,440 in early Monday trading after the government delayed a 0.5% income tax on marketplace transactions to protect purchasing power, adding to positive sentiment from weaker US jobs data.

Jakarta Composite Index (JCI) moved between 6,439 and 6,454 in the opening session. Trading volume reached 1.03 billion shares, with turnover of Rp 521.35 billion ($29.24 million) across more than 86,960 transactions. A total of 340 stocks advanced, 110 declined and 232 were unchanged.

On the domestic front, Kiwoom Sekuritas Indonesia noted that Indonesia’s foreign exchange reserves fell slightly to $145.3 billion at the end of July from $145.6 billion in June. Despite the decline, reserves remained equivalent to 5.5 months of import financing, or 5.3 months of imports and government external debt payments, well above the international standard of around three months.

The government has also delayed the implementation of the 0.5% Article 22 income tax on marketplace transactions until Nov. 1, 2026, to help preserve purchasing power. Tokopedia has confirmed that all Article 22 income tax previously withheld from seller transactions will be refunded no later than Sept. 30, 2026.

“This delay warrants attention, as household consumption and the public’s ability to save have not yet shown a strong recovery,” Kiwoom said.

The brokerage also said Danantara’s reported revenue growth of around 400% warrants further scrutiny, particularly in terms of operating profit quality, cash flow and return on assets (ROA), rather than nominal revenue growth alone.

Phintraco Sekuritas said the Consumer Confidence Index is due later Monday, followed by retail sales and motorcycle sales on Tuesday and car sales on Friday.

Meanwhile, MSCI’s index rebalancing is scheduled for Aug. 12, with changes taking effect on Aug. 31. MSCI, however, continues to freeze the addition of new Indonesian stocks to its indexes.

Global sentiment remained positive after US nonfarm payrolls fell by 23,000, while May and June employment data were revised down by a combined 103,000. The weaker labor market data boosted expectations that the Federal Reserve could cut interest rates.

Wall Street closed higher on Friday, with the S&P 500 gaining 0.62%, the Nasdaq Composite rising 1.30% and the Dow Jones Industrial Average advancing 0.28%, supported by solid second-quarter earnings.

Still, tensions in the Middle East and uncertainty over the reopening of the Strait of Hormuz remained key risks, as disruptions could affect energy supplies and add to global inflationary pressures.

“This condition could also potentially limit room for central bank policy easing,” Kiwoom said.

Oil prices rose around 1% in Friday’s trading as markets awaited negotiations involving the US, Iran and Middle Eastern countries over access to the Strait of Hormuz.

In the US, investors are also awaiting key economic data this week, including the consumer price index, producer price index, retail sales and the University of Michigan Consumer Sentiment Index.

According to LSEG, the probability of the Fed raising interest rates in September stood at 43.9%, down from 57% before the nonfarm payrolls data were released. Meanwhile, the probability of the Fed keeping rates unchanged at its September meeting rose to 60.4% from 43.2%.

Across Asia, markets were broadly higher as of 9:38 a.m. Jakarta time. Japan’s Nikkei gained 2.07%, South Korea’s Kospi rose 0.57%, Hong Kong’s Hang Seng advanced 0.72% and the Shanghai Composite increased 0.38%.

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