JCI Rebounds as Global Markets Extend Rally
Jakarta. The Jakarta Composite Index (JCI) rebounded on Wednesday, rising 53.81 points, or 0.71 percent, to 7,682.42 in the first trading session, after a 1.78 percent plunge on Tuesday. The benchmark traded in the green, moving between 7,666 and 7,689.
Trading was brisk in the early minutes, with 770.07 million shares changing hands across 55,487 transactions, valued at Rp 616.02 billion. Market breadth showed a positive tilt, with 259 stocks advancing, 129 declining, and 208 unchanged.
Several stocks stood out as top gainers. Nusa Raya Cipta (NRCA) led the list with a 17.89 percent surge, followed by Lion Metal Works (LION), which soared 17.27 percent, and Multi Makmur Lemindo (PIPA), up 16.88 percent. Global Sukses Digital (DOSS) rose 11.83 percent, while Newport Marine Services (BOAT) climbed 8.26 percent.
Chief Economic Affairs Minister Airlangga Hartarto sought to ease market concerns following Tuesday’s sharp decline in both the JCI and the rupiah after President Prabowo Subianto replaced Finance Minister Sri Mulyani Indrawati with economist and former chief of the Deposit Insurance Agency (LPS) Purbaya Yudhi Sadewa. Airlangga expressed confidence that the turbulence would be temporary, stressing Indonesia’s strong fundamentals.
“This is similar to when Danantara was launched. Markets reacted negatively at first, but soon rebounded,” Airlangga said, referring to the establishment of the sovereign wealth fund, Badan Pengelola Investasi Daya Anagata Nusantara.
Meanwhile, global markets extended gains overnight as investors priced in expectations of a US interest rate cut. The S&P 500 rose 0.3 percent, setting a new record alongside the Dow Jones Industrial Average, which added 196 points, or 0.4 percent. The Nasdaq Composite also climbed 0.4 percent to a fresh high.
Traders increasingly believe the US Federal Reserve will lower its benchmark interest rate at next week’s meeting to support a slowing labor market, fueling optimism across equities.
Asian markets were broadly higher. Australia’s ASX 200 added 0.11 percent to 8,813, Japan’s Nikkei rose 0.34 percent to 43,605.01, Hong Kong’s Hang Seng jumped 1.12 percent to 26,233, and Shanghai Composite advanced 0.27 percent to 3,817.
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