Jakarta. Indonesia’s benchmark stock index gained in early Wednesday trade as investors awaited a central bank policy decision later in the day, while the rupiah weakened in line with most Asian currencies.

The Jakarta Composite Index (JCI) rose 33.4 points, or 0.43 percent, to 7,898 at the opening. Trading volume reached 2.8 billion shares, worth Rp 1.4 trillion ($86 million), with 293 stocks advancing, 154 declining, and 189 unchanged.

Bank Indonesia is expected to hold its benchmark BI Rate at 5.25 percent after cutting by 25 basis points in July, according to a Bloomberg survey. Policymakers still have room to ease further this year if inflation remains within the central bank’s 2.5 percent target. Consumer prices climbed 2.37 percent in July from a year earlier, the highest since June 2024, but still within target.

Globally, markets are watching China’s central bank, which is forecast to keep its one-year loan prime rate at 3 percent and the five-year at 3.5 percent to support a slowing economy. In the UK, July inflation is expected to edge up to 3.7 percent, the highest since January 2024.

Attention is also turning to the US Federal Reserve’s annual Jackson Hole symposium this week, where Chair Jerome Powell is due to speak on Friday. Traders see an 84 percent chance of a Fed rate cut on Sept. 17, with about 54 basis points of easing priced in for the rest of 2025.

The rupiah slipped 0.42 percent to Rp 16,314 as regional peers also weakened. South Korea’s won fell 0.45 percent, the Philippine peso dropped 0.40 percent, and Singapore’s dollar declined 0.10 percent.

Oil prices inched higher after peace talks between Russia and Ukraine stalled, prolonging sanctions on Moscow’s crude exports. Brent futures added 14 cents, or 0.21%, to $65.93 a barrel at 8:49 a.m. Jakarta time, while September West Texas Intermediate rose 37 cents to $62.72 before expiry. The more-active October WTI contract gained 15 cents to $61.92.

On Wall Street, tech shares dragged major indexes lower Tuesday. The S&P 500 fell 0.6 percent for a third straight day, the Nasdaq dropped 1.5 percent, while the Dow Jones Industrial Average edged up 10 points.

Add as a preferred source on Google +