Jakarta. Indonesia’s benchmark Jakarta Composite Index (JCI) opened higher on Tuesday, rising 47 points or 0.52% to 8,931, supported by gains on Wall Street and higher commodity prices.

The index moved within a range of 8,916–8,953 in early trade. RTI data showed that in the first five minutes, trading volume reached 3.85 billion shares with a turnover of Rp 2.2 trillion ($130.41 million) across more than 284,000 transactions, as 330 stocks advanced, 163 declined, and 183 were unchanged.

CGS International Sekuritas Indonesia said the continued rally on Wall Street and rising prices of several commodities, including crude oil, CPO, nickel, tin, gold, and copper, were expected to provide positive sentiment, although anticipation ahead of MSCI consultations and concerns over the potential state budget deficit exceeding 3% could weigh on the index.

“So far, there is no definite reason behind the JCI’s weakness, but we see two main issues attracting market attention, namely developments surrounding Jerome Powell as chairman of the Federal Reserve and escalating geopolitical tensions involving Iran,” Pilarmas Investindo Sekuritas said in its research.

On the macroeconomic front, the central bank projected the Real Sales Index (IPR) to grow 4.4% year-on-year in December, reflecting solid demand across auto spare parts and accessories, food, beverages and tobacco, cultural and recreational goods, as well as automotive fuels. “From a macroeconomic perspective, continued growth in retail sales reflects relatively resilient purchasing power, with household consumption remaining the main pillar of economic growth,” Pilarmas said.

Overnight, Wall Street extended its rally to fresh records despite lingering concerns over tensions between the White House and the Fed, with the S&P 500 adding 0.2%, the Dow Jones Industrial Average gaining 86 points, and the Nasdaq Composite rising 0.3%.

Most Asian markets also opened higher, with Japan’s Nikkei climbing 1.64% to 52,808, South Korea’s Kospi up 0.81% to 4,662, Hong Kong’s Hang Seng surging 1.2% to 26,958, and China’s Shanghai SSE edging up 0.10% to 4,169.

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