Jakarta. The Jakarta Composite Index (JCI) rose 0.46 percent, or 34.61 points, to reach 7,594.2 in the first 15 minutes of trading on Tuesday, following the announcement of 49 ministerial candidates on Monday evening.

In early trading, volume reached 3.3 billion shares with a transaction value of Rp 1.2 trillion.

Finance Minister Sri Mulyani Indrawati confirmed on Monday that President-elect Prabowo Subianto had asked her to continue in her role. If appointed, the former World Bank managing director would become the first Indonesian to serve as finance minister under three different presidents.

Other notable ministerial candidates include PAN leader Zulkifli Hasan, Golkar chairman Bahlil Lahadalia, PKB leader Muhaimin Iskandar, Health Minister Budi Gunadi Sadikin, State-Owned Enterprises Minister Erick Thohir, Investment Minister Rosan P. Roeslani, and human rights activist Natalius Pigai.

Market participants are also awaiting the release of September 2024 trade balance data. "The trade balance for September 2024 is expected to post a surplus of $2.92 billion, slightly up from the previous month's $2.9 billion surplus," said Permata Bank's Chief Economist Josua Pardede.

Export performance is expected to contract by 3.85 percent month-on-month (mtm) due to a decline in coal prices, which fell by around 4.5 percent mtm in September.

Additionally, global manufacturing activity is declining, as indicated by the Purchasing Managers' Index (PMI) for Indonesia's major trading partners, including the US, China, and Europe, which continue to show contraction.

US and Asian Markets Surge Amid Global Optimism

On Wall Street, US stocks hit new records on Monday, with the S&P 500 gaining 0.8 percent, extending its record from Friday. The Dow Jones Industrial Average rose 0.5 percent, while the Nasdaq Composite added 0.9 percent.

Markets have rallied on growing optimism that the Federal Reserve can reduce inflation to its 2 percent target without triggering a recession, thanks to recent data showing stronger-than-expected economic performance in the US.

Asian markets mostly rose on Tuesday, with South Korea's Kospi and Kosdaq inching higher. Australia's S&P/ASX 200 gained 0.9 percent, and Japan's Nikkei 225 surged 1.5 percent. Mainland China's CSI 300 dipped slightly by 0.1 percent, while Hong Kong's Hang Seng fell 0.7 percent.

South Korea's trade surplus for September surged to $6.7 billion, up from $3.7 billion in August, adding to positive momentum in Asian markets.

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