Indonesian Stock Market Surges 20% from June Lows, Nearing Technical Bull Territory

Deep News11:10

The Indonesian stock market is advancing, with its primary benchmark on the cusp of entering a technical bull market, buoyed by a confirmed sovereign rating and ongoing tech-driven optimism fueling a regional rebound.

The Jakarta Composite Index rose as much as 1.2% in early Thursday trading to 6,412.35 points, marking a cumulative gain of 20% from its low point in early June. PT Bumi Resources and PT Bank Rakyat Indonesia Persero were among the leading contributors to the index's rise.

Market sentiment is improving for what has been one of the world's worst-performing equity markets this year. Factors contributing to the stabilization include a retreat in oil prices, the Bank Indonesia's cumulative 50-basis-point interest rate hikes in June, and S&P's decision to affirm the country's credit rating and outlook.

Despite the recent rally, the Indonesian benchmark index remains down approximately 26% for the year, reflecting persistent concerns over market transparency and policy direction. The economic agenda of President-elect Prabowo Subianto continues to be a focus. Final assessments of Indonesia's market status by MSCI and S&P Dow Jones Indices are still pending for November.

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