Jakarta. Jakarta Composite Index (JCI) extended its record-breaking rally for a second consecutive day on Tuesday, surging 74.42 points or 0.84% to end at a new all-time high of 8,933 as buying momentum stayed firmly intact.

Market activity remained heavy, with 67.93 billion shares changing hands. Total turnover reached Rp 34.16 trillion ($2.04 billion), while trading frequency topped 4.3 million transactions. Gainers outnumbered decliners, with 428 stocks advancing, 256 declining, and 127 ending flat.

Among the day’s top performers, Electronic City Indonesia (ECII) surged 34.74%, followed by Astrindo Nusantara Infrastruktur (BIPI) up 34.68%, Equity Development Investment (GSMF) gaining 34.51%, and Bank Artha Graha (INPC) rising 34.43%.

On the losing side, MPX Logistics International (MPXL) slid 14.40%, Maxindo Karya Anugerah (KLAS) fell 14.29%, Central Proteina Prima (CPRO) dropped 13.95%, and Asuransi Digital Bersama (YOII) declined 11.54%.

IDX statistics show that the rally over the first two trading days of 2026 has lifted the JCI to the eighth-highest position globally year to date, placing it among the world’s top 10 indices. In the Asia-Pacific region, the JCI ranks fifth for gains and leads ASEAN.

Associate Director of Research and Investment at Pilarmas Sekuritas, Maximilianus Nico Demus, said the sustained rise reflects a combination of economic recovery, macroeconomic stability, and positive perceptions of Indonesia’s domestic outlook. He noted that consumer and retail stocks, telecommunications, basic materials, energy, and property could drive the next phase of gains, while warning that global uncertainty remains a key risk.

“Geopolitical tensions, limited room for further monetary tightening, and unresolved tariff disputes could trigger bouts of volatility,” Nico said, adding that Asia remains attractive for global investors due to resilient growth and strong domestic consumption, including in Indonesia.

Concerns over escalating geopolitical tensions between the United States and Venezuela have raised fears of increased volatility in global financial markets, as investors tend to rotate toward safe-haven assets in periods of heightened risk.

Chief Economist at Bank Mandiri Andry Asmoro said the most immediate impact would likely be seen through higher market volatility and a global shift toward risk-off sentiment, with capital flowing into assets such as gold and US government bonds.

“For Indonesia, the main impact is expected to come via financial market spillovers rather than bilateral trade or investment links, which remain relatively limited,” Andry said on Tuesday.

Pilarmas also noted that markets are closely watching upcoming US labor market data, particularly the December jobs report due on Friday, for clues on the policy outlook of the Federal Reserve.

On the domestic front, Pilarmas said the JCI’s advance continues to be supported by government stimulus measures, including the extension of income tax relief for workers in labor-intensive industries through 2026, as well as the continuation of government-borne value-added tax (PPN DTP) incentives for landed houses and apartments in the 2026 fiscal year.

Asian markets posted solid gains on Tuesday, tracking a broad rally on Wall Street. Japan’s Nikkei 225 jumped 1.3% to a record 52,518, surpassing its previous high set on Oct. 31. South Korea’s Kospi rose 1.5% to 4,525, while Hong Kong’s Hang Seng advanced 1.5% to 26,748. China’s Shanghai Composite gained 1.5% to 4,082, its highest level in four years.

Overnight, Wall Street closed mostly higher, led by gains in energy companies and banks. The S&P 500 added 0.6%, ending just shy of its late-December record. The Dow Jones Industrial Average set a new high, climbing 1.2% to 48,977, while the Nasdaq Composite rose 0.7%.

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