Jakarta. Indonesian stocks remained volatile on Tuesday as investors digested President Prabowo Subianto’s cabinet reshuffle, which replaced Finance Minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa, head of the Deposit Insurance Agency (LPS).

The Jakarta Composite Index (JCI) had closed Monday down 1.28 percent at 7,766.84, pressured by heavy foreign selling and uncertainty over fiscal policy. On Tuesday, the benchmark opened lower at 7,748.51 before rebounding 0.19 percent to 7,781.47, lifted by gains in basic materials, industrials, and technology stocks.

“The reshuffle, particularly the replacement of Sri Mulyani, creates policy uncertainty. Losing a figure synonymous with fiscal credibility makes investors more cautious,” said Hendra Wardana, founder of Republik Investor. He added that Purbaya’s background as a senior economist and former deposit insurance chief will be closely scrutinized.

Praska Putrantyo, CEO of Edvisor.id, warned that the rupiah could swing between Rp 16,400 and Rp 16,600 per US dollar. Meanwhile, analysts expect the JCI to trade within the 7,670–7,840 range, suggesting room for recovery once clearer policy signals emerge.

Trading was active, with 2.93 billion shares changing hands in 223,364 deals worth Rp2.75 trillion. A total of 268 stocks advanced, 225 declined, and 162 were unchanged. Among the top gainers were Pakuan (IDX: UANG), which jumped 24.71 percent to 1,060; Cakra Buana Resources Energi (IDX: CBRE), up 22.79 percent; and Lion Metal Works (IDX: LION), which rose 22.73 percent. On the losing side, Insight Investments Management (IDX: XILV) tumbled 14.53 percent, while Ginting Jaya Energi (IDX: WOWS) dropped 14.29 percent.

Elsewhere in Asia, shares mostly rose on optimism that upcoming U.S. data could prompt the Federal Reserve to cut interest rates. Japan’s Nikkei 225 gained 0.3 percent to 43,763.96, while South Korea’s Kospi advanced 0.6 percent to 3,238.07. Hong Kong’s Hang Seng jumped 1.2 percent to 25,949.48, and the Shanghai Composite edged up 0.1 percent to 3,831.45. Australia’s S&P/ASX 200 slipped 0.5 percent to 8,806.60.

On Wall Street, the S&P 500 added 0.2 percent, finishing just below its record high. The Dow Jones Industrial Average climbed 114 points, or 0.3 percent, while the Nasdaq rose 0.5 percent to a new all-time high.

The Fed has been more concerned about inflation risks tied to President Donald Trump’s tariffs than about the cooling labor market. But recent data pointing to slower job growth may shift its stance.

The US government is set to release preliminary revisions to employment figures through March on Tuesday, potentially showing weaker hiring than initially reported. Inflation data due Wednesday and Thursday will reveal wholesale and consumer price trends. Higher-than-expected readings could complicate the Fed’s policy outlook.