Jakarta. Indonesian stocks climbed on Thursday, defying a mixed performance across Asian markets, as Bank Indonesia (BI) held its benchmark interest rate at 4.75 percent and signaled confidence in the country’s economic outlook.

The Jakarta Composite Index (JCI) surged 121.8 points, or 1.49 percent, to close at 8,274, moving within a range of 8,179 to 8,292 throughout the session.

As many as 31.1 billion shares worth Rp 21 trillion ($1.3 billion) exchanged hands across 2.4 million transactions. There were 405 gainers, 254 losers, and 152 stocks unchanged, bringing total market capitalization to Rp 15,248.6 trillion ($916.79 billion).

Brokerage firm Pilarmas Investindo Sekuritas said the rally was fueled by the central bank’s rate decision on Wednesday and its continued commitment to supporting monetary stability. “The decision highlights BI’s control and independence in managing monetary policy,” Pilarmas said in a note.

The central bank said it will continue to monitor the effectiveness of its loose monetary stance, inflation trends, and exchange rate stability, while keeping room open for a possible rate cut through 2026 if inflation remains low.

The JCI’s gains came as regional markets traded mixed. Hong Kong’s Hang Seng rose 0.7 percent, and Shanghai Composite edged up 0.2 percent, while Japan’s Nikkei 225 dropped 1.4 percent following reports of a new  14 trillion yen ($92 billion) stimulus package. South Korea’s Kospi lost 1 percent, and Australia’s S&P/ASX 200 ended flat.

Globally, sentiment remained cautious after Wall Street declined overnight amid new US sanctions on Russian oil giants Rosneft and Lukoil, while European Union leaders discussed fresh sanctions and potential funding for Ukraine’s war effort.

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