Jakarta. Indonesian stocks staged a sharp early rally on Thursday, with the Jakarta Composite Index (JCI) jumping 0.36% at the open as improving domestic sentiment and policy optimism outweighed mixed global cues.

The benchmark index rose 26.27 points to 8,317 in early trade, moving within a range of 8,295 to 8,334. Trading activity was brisk in the opening minutes, with volume reaching 5.11 billion shares and turnover totaling Rp 2.72 trillion ($161.72 million) across more than 351,000 transactions. Gainers slightly outnumbered decliners, with 258 stocks rising, 239 falling and 199 unchanged.

BRI Danareksa Sekuritas attributed the surge to improving investor sentiment following President Prabowo Subianto’s meeting with major conglomerates, alongside reform measures and active communication between the Indonesia Stock Exchange and the Financial Services Authority. Additional support came from corporate earnings releases, technical factors and a stronger rupiah against the US dollar.

Phintraco Sekuritas likewise cited growing confidence in Indonesia’s capital market, solid earnings performance and technical momentum, as well as continued rupiah appreciation. The brokerage added that a combination of fiscal stimulus and seasonal consumption linked to Lunar New Year, Ramadan and Idul Fitri is expected to support economic growth in the first quarter of 2026.

The government has prepared Rp 12.83 trillion in first-quarter stimulus measures, including transport fare discounts, toll road tariff cuts and social assistance distributed between February and March.

Phintraco also highlighted continued discussions between the stock exchange and MSCI on improving market transparency, including disclosure of shareholders owning more than 1%, more granular investor data and progress toward raising the minimum free-float requirement from 7.5% to 15%. The exchange is also set to introduce a shareholder concentration list identifying stocks with highly concentrated ownership.

Global markets offered a mixed backdrop. US equities fluctuated after a stronger-than-expected labor report showed employers added 130,000 jobs last month and the unemployment rate edged lower. The S&P 500 ended little changed, slipping less than 0.1%, while the Dow Jones Industrial Average fell 66 points, or 0.1%, and the Nasdaq Composite declined 0.2%, reversing earlier gains.

Solid employment data reassured investors about the strength of the US economy but also reduced expectations for near-term Federal Reserve rate cuts, pushing market bets toward the summer. Higher interest rates typically weigh on equity valuations, while lower rates could support markets at the risk of rekindling inflation. Investors are now awaiting the next US consumer inflation report for further policy signals.

Across Asia, markets were mostly higher. Japan’s Nikkei gained 0.36% to 57,864 and South Korea’s Kospi climbed 1.3% to 5,425, while Hong Kong’s Hang Seng slipped 0.21% to 27,210. China’s Shanghai Composite edged up 0.19% to 4,136.

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