Jakarta. Jakarta Composite Index (JCI) opened higher at 8,611 on Thursday, hitting another all-time high before easing within the first five minutes of trade.

The benchmark moved in a range of 8,583–8,622, with 3.9 billion shares traded and turnover at Rp 2.37 trillion ($142.52 million) across more than 250,000 transactions. Market breadth showed 248 gainers, 223 decliners, and 191 flat.

Pilarmas Investindo Sekuritas said sentiment remains anchored to the latest Fed Beige Book, which signaled a US economy that is largely steady but cooling in key areas. Consumer spending softened except in luxury retail, while travel and tourism held stable. Manufacturing edged up but stayed constrained by tariffs; services were flat, loan demand mixed, and housing construction weakened in several regions. Some office markets showed early signs of recovery.

Labor demand eased in half of the Fed districts, with firms reporting more layoffs while still preferring to cut hours instead of headcount. Some companies noted that AI adoption is replacing entry-level roles. Wage growth stayed moderate, though supply remained tight in manufacturing, construction, and healthcare. Rising health-insurance premiums added cost pressure.

Input prices rose mainly due to tariffs, with companies absorbing higher costs through margin compression. Pilarmas expects tariff-driven inflation to surface soon as more firms prepare to raise prices. Initial jobless claims dipped to 216,000, while continuing claims rose to 1.96 million. With no major data standing in the way, the firm sees the probability of a December Fed rate cut above 80 percent.

On the domestic front, economists remain divided on whether Bank Indonesia will lower the policy rate to 4.50 percent in December. Supporters point to contained inflation, weak consumption, and strong liquidity, while skeptics warn about foreign outflows and pressure on the rupiah. Any easing could support growth, though the impact may be limited if FX stability becomes a concern.

Global sentiment was broadly positive after US stocks extended gains for a fourth straight day on Wednesday. The S&P 500 rose 0.7 percent, the Dow Jones added 0.7 percent, and the Nasdaq climbed 0.8 percent, driven mostly by tech stocks. The Thanksgiving holiday will shorten US trading hours this week.

Across Asia, early Thursday trade stayed upbeat. Japan’s Nikkei opened at 49,868, up 309 points (+0.61 percent). South Korea’s Kospi gained 29 points (+0.72 percent) to 3,989. Hang Seng added 17 points (+0.06 percent) to 25,945, while Shanghai’s SSE edged up 3 points (+0.01 percent) to 3,967.

Back on the Indonesia Stock Exchange (IDX), the bourse flagged Unusual Market Activity (UMA) on Thursday involving eight issuers: Folago Global Nusantara (IRSX), Sanurhasta Mitra (MINA), Bank Oke Indonesia (DNAR), Yelooo Integra Datanet (YELO), Prima Globalindo Logistik (PPGL), Mahkota Group (MGRO), Kawasan Industri Jababeka (KIJA), and Perdana Gapuraprima (GPRA).

These stocks showed movements outside their usual patterns, prompting closer monitoring due to unusually sharp price increases. Over the past month, IRSX surged 71.93 percent, MINA jumped 61.29 percent, DNAR skyrocketed 115.65 percent, and YELO gained 66.15 percent. PPGL climbed 43.94 percent, MGRO edged up 1.31 percent, KIJA slipped 0.55 percent, and GPRA rose 9.45 percent.

IDX urged investors to monitor issuer responses to bourse confirmation requests and to closely assess corporate performance and disclosure quality.

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