Jakarta. Jakarta Composite Index (JCI) gained 11 points, or 0.19%, to 6,207 in early Wednesday trading, moving within a range of 6,188 to 6,213.

Data from RTI showed that 903.61 million shares changed hands in the opening minutes, with trading value reaching Rp 648.14 billion ($36.2 million) across 78,917 transactions. Advancers outnumbered decliners, with 237 stocks rising, 167 falling, and 242 remaining unchanged.

Phintraco Sekuritas said Indonesia’s annual inflation accelerated to 3.08% in May 2026 from 2.42% a month earlier, driven largely by higher food prices. Inflation in the food category rose to 4.94% from 3.06%, reflecting increases in staple goods and distribution costs.

Core inflation also edged up to 2.59% from 2.44%, although it remained within Bank Indonesia’s target range of 1.5%-3.5%.

“However, if inflation continues to strengthen and the rupiah depreciates further, the BI Rate could still face upward pressure,” Phintraco Sekuritas said.

Phintraco also highlighted an improvement in Indonesia’s manufacturing sector, with the Manufacturing PMI returning to the expansion threshold of 50 in May from a 10-month low of 49.1 in April. The reading suggests factory activity has stabilized, supported by two consecutive months of growth in new orders, although export orders remained under pressure due to disruptions linked to the Middle East conflict.

Meanwhile, Indonesia’s trade surplus narrowed sharply to $0.09 billion in April from $3.32 billion in March and $0.2 billion in April 2025.

“This marks the smallest trade surplus since April 2020,” Phintraco Sekuritas said.

The weaker surplus was largely driven by a 22.5% year-on-year increase in imports, including an 85.52% jump in oil and gas imports and a 14.11% rise in non-oil and gas imports. Exports, meanwhile, climbed 21.98% in April, rebounding from a 3.1% contraction in March and marking the strongest growth since August 2022.

“The increase in oil and gas imports was partly driven by higher crude oil prices,” the brokerage added.

Global sentiment remained supportive after US stocks closed at fresh records overnight. The S&P 500 rose 0.1%, while the Dow Jones Industrial Average added 228 points, or 0.4%. The Nasdaq Composite also ended slightly higher, with all three major indexes reaching new all-time highs.

Kiwoom Sekuritas Indonesia said that Barclays has warned that signs of euphoria are beginning to emerge in the AI-driven global equity rally.

“Investor positioning is becoming increasingly crowded, and markets are growing more sensitive to the risk of higher interest rates. As a result, the likelihood of a short-term correction is increasing, even though no clear catalyst has emerged yet,” Kiwoom said in its research note.

Across Asia, Japan’s Nikkei surged 2.41% as of 9:16 a.m. Jakarta time. China’s Shanghai Composite gained 0.24%, while Hong Kong’s Hang Seng fell 1.05%. South Korea’s market was closed for a public holiday related to local elections.

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