IDX outperforms Asian markets on domestic optimism
Analysts highlighted easing uncertainty following the assessment by global index provider MSCI, along with positive sentiment surrounding President Prabowo Subianto’s annual speech, as the main drivers of the stock rally.
The Indonesia Stock Exchange (IDX) Composite Index demonstrated strong performance on Tuesday, outpacing other Asian markets, as domestic optimism contributed to a stock rally. Analysts credited easing uncertainty following MSCI's assessment and President Prabowo Subianto's annual speech for driving the surge. The index rose 1.2 percent by midday and closed at 6,449.83 points, up 0.75 percent, marking broad-based gains across all 11 sectors.
The energy sector led the gains with a 2.24 percent increase. Despite foreign investors' net selling of US$19.89 million worth of shares, certain stocks, such as palm oil plantation firm PT Jhonlin Agro Jaya, hit their upper auto rejection limits, with a 24.88 percent surge to Rp 2,510. However, the IDX remains down 25.41 percent from the start of the year, positioning it among Asia's worst-performing markets.
Written by urgent.news from The Jakarta Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
