Jakarta. Jakarta Composite Index (JCI) closed firmly in positive territory on Tuesday, rebounding after briefly slipping into the red during the session. The benchmark index ended up 63.58 points, or 0.72%, at 8,948.

Market activity remained busy. RTI data showed trading volume reached 62.92 billion shares, with turnover totaling Rp 33.54 trillion ($1.99 billion). Transaction frequency topped 3.8 million. Overall, 348 stocks advanced, 327 declined, and 131 finished unchanged.

On the gainers’ board, Xolare RCR Energy (SOLA) jumped 34.62%, followed by Asia Pramulia (ASPR), which surged 34.31%. Ifishdeco (IFSH) rose 25%, while Satria Mega Kencana (SOTS) climbed 24.84%.

Meanwhile, Golden Flower (POLU) led the laggards, tumbling 14.98%. Asuransi Jiwa Sinarmas (LIFE) slipped 14.80%, Cipta Sarana Medika (DKHH) fell 14.66%, and Surya Permata Andalan (NATO) declined 14.46%.

Pilarmas Investindo Sekuritas said the market remains hesitant as investors weigh opposing global and domestic sentiments. External factors are still the main driver for Asian equities, including Indonesia. Gains on Wall Street, where the S&P 500 and Dow Jones Industrial Average notched fresh record highs, provided psychological support, despite ongoing global geopolitical tensions and concerns over the independence of the US central bank.

“Markets are currently more focused on the direction of US monetary policy. Investors are waiting for inflation data to confirm the chances of two Federal Reserve rate cuts this year, although the risk of an inflation surprise remains a limiting factor,” Pilarmas wrote in its research note.

According to Bibit, US non-farm payrolls growth slowed to +50,000 in December 2025 from +56,000 in November, while the unemployment rate edged down to 4.4%. Markets continue to price in two US rate cuts this year. From Asia, sentiment was also supported by Japan after its current account surplus exceeded market expectations.

Domestically, the continuation of government economic stimulus in 2026 is seen as a key buffer for consumption. Tax incentives, housing sector support, and MSME stimulus are expected to help sustain purchasing power and underpin overall economic resilience.

Still, Pilarmas cautioned that fiscal risks remain in focus. A projected 2026 state budget deficit that could widen beyond 3% of GDP may keep investors cautious, particularly toward risk assets. “Amid the lack of fresh catalysts, the JCI remains vulnerable to profit-taking, especially after moving around key psychological levels,” the brokerage said.

Across Asia, most markets closed higher, led by a strong rally in Japan after Wall Street set more records.

Tokyo’s Nikkei 225 surged 3.1% to a record 53,549, boosted by technology-related stocks. Advantest jumped 8.5%, Tokyo Electron climbed 8.2%, and SoftBank Group gained 4.3%. Investors are also watching political developments, with Prime Minister Sanae Takaichi expected to consider an early election to strengthen her mandate for higher government spending.

Hong Kong’s Hang Seng advanced 0.7% to 26,786, while shares of China-based chip designer GigaDevice Semiconductor jumped as much as 54% in their Hong Kong trading debut. In contrast, the Shanghai Composite Index slipped 0.6% to 4,138. South Korea’s Kospi rose 1.5% to a record 4,692.

On Wall Street, concerns over potential pressure on the Federal Reserve’s independence were offset by expectations that President Donald Trump may push for faster rate cuts. Lower interest rates tend to support equity prices by reducing borrowing costs. Tensions between Trump and Fed Chair Jerome Powell intensified after the Department of Justice subpoenaed the Fed and threatened a criminal indictment related to Powell’s testimony on renovations at the central bank’s headquarters.

On Monday, the S&P 500 gained nearly 0.2% to a record 6,977, the Dow Jones Industrial Average rose 0.2% to 49,590, and the Nasdaq Composite added 0.3% to 23,733. Trump has repeatedly urged the Fed to further cut rates, even after the central bank lowered rates three times in 2025. The White House said Trump did not direct the Justice Department to investigate Powell.