Jakarta. Jakarta Composite Index (JCI) opened higher on Tuesday, extending gains as investors cheered the US Supreme Court’s move to block President Donald Trump’s reciprocal tariffs, despite fresh global trade jitters.

The benchmark index rose 31.96 points, or 0.38%, to 8,428.05 in early trade, moving within a range of 8,421 to 8,432.

Data from RTI showed 426.63 million shares were traded in the opening minutes, with turnover reaching Rp 351.93 billion ($20.91 million) across 47,513 transactions. As many as 289 stocks advanced, 92 declined, and 261 were unchanged.

Investors reacted positively after the US Supreme Court struck down Trump’s reciprocal tariff policy. However, sentiment remains cautious after Trump signaled he would impose new global tariffs of 15%.

“Investors are hoping the US–Indonesia trade agreement signed last week could be canceled, as the tariff set in the deal is higher at 19%,” Phintraco Sekuritas wrote in its Tuesday research note.

The brokerage also cited another positive catalyst after MSCI approved proposals submitted by the Indonesia Stock Exchange and the Financial Services Authority. The rupiah closed stronger at 16,802 per US dollar in the spot market.

On the domestic front, Indonesia’s broad money supply (M2) grew 10% year-on-year (YoY) in January 2026, accelerating from 9.6% YoY in December 2025.

Phintraco Sekuritas added that state spending reached Rp 227.3 trillion as of Jan. 31, 2026, up 25.7% YoY, signaling early-year fiscal acceleration to support priority programs and economic growth. Central government spending stood at Rp 131.9 trillion, while transfers to regions amounted to Rp 95.3 trillion. Central government expenditure surged 53.3% YoY, while regional transfers edged up 0.6% YoY.

Overnight, US stocks slumped after Trump ramped up his latest tariff push. The S&P 500 fell 1% after he announced a temporary 15% tariff on other countries, higher than the 10% rate unveiled following the Supreme Court ruling. The Dow Jones Industrial Average dropped 821 points, or 1.7%, while the Nasdaq Composite declined 1.1%.

Trump’s swift move toward broader tariffs underscores lingering uncertainty in the global economy. In addition to the temporary 15% tariff, which could last up to 150 days unless extended by Congress, the administration is pursuing alternative legal channels to impose more permanent levies. South Korea’s Trade Minister Kim Jung-kwan warned that uncertainty may deepen if Washington continues introducing new tariffs under different legal frameworks.

In Asia, Japan’s Nikkei opened 0.11% lower at 56,764 before rebounding. South Korea’s Kospi rose 0.11% to 5,853. Hong Kong’s Hang Seng slipped 0.62% to 26,913 at the open, while China’s Shanghai Composite gained 1.13% to 4,129.

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