Jakarta. Indonesia’s benchmark stock index opened higher on Thursday, tracking overnight gains on Wall Street as investors priced in rising odds of a US Federal Reserve rate cut next week.

The Jakarta Composite Index (JCI) jumped 34.85 points, or 0.4 percent, to 8,646.64 at the start of the first trading session, trading within a narrow green band of 8,631–8,650.

Early turnover reached 933.98 million shares worth Rp 458.8 billion ($27.6 million) across 79,907 transactions, according to RTI data. Market breadth was positive, with 252 stocks advancing, 142 declining, and 243 unchanged.

Five stocks surged sharply in early trade, with gains ranging from 15% to 24%. Among the top movers, Indopoly Swakarsa Industry (IPOL) jumped 24.27 percent to 128, Lotte Chemical Titan  (FPNI) soared 21.41 percent to Rp 1,900, and Triniti Dinamik (TRUE) rose 17.65 percent to Rp 200. Shares of coal producers, including COAL, were also among the top gainers.

CGS International Sekuritas Indonesia said in a research note that continued strength in US equity markets and a rebound in commodity prices were likely to fuel positive sentiment in Jakarta. Wall Street extended its gains on Wednesday on rising confidence that the Fed will begin cutting rates as early as next week.

Investor confidence grew after a surprisingly weak US private-sector employment report for November. ADP data showed a decline of 32,000 workers, defying expectations for a 40,000 increase. The softer-than-expected labor reading strengthened the case for monetary easing as policymakers attempt to support a cooling job market.

The probability of a Fed rate cut at next week’s meeting has climbed to 89 percent, up from 83 percent a week earlier, based on the CME FedWatch Tool.

US stocks edged closer to record territory on Wednesday. The S&P 500 added 0.3 percent to sit within 0.6 percent of its late-October all-time high. The Dow Jones Industrial Average rose 408 points, or 0.9 percent, while the Nasdaq Composite gained 0.2 percent.