Indonesian Shares Snap Losing Streak, Monthly Slide Looms
Indonesia’s IDX Composite climbed 63 points, or 1.0%, to 6,184 in early Wednesday trade, halting weakness in the prior four sessions as U.S. stock futures firmed ahead of a key inflation print that could shape the Fed’s rate path. Momentum was also lifted by stronger activity in top trading partner China, as manufacturing and services accelerated in September, particularly in tech and consumer industries. Locally, Finance Minister Suahasil Nazara told lawmakers the state budget was designed with prudence and credibility to buffer the economy against persistent global uncertainty, further bolstering sentiment. Gains were broad-based, led by industrials, basic materials, energy, and infrastructure. Standouts included Rukun Raharja (6.1%), Sentul City (5.5%), and United Tractors (5.4%). Despite the upturn, the market is on track for its first monthly drop in three months, down about 5.4% so far, weighed by inflation concerns, rupiah weakness, and the fiscal strain of higher oil prices.
S. stock futures firmed ahead of a key inflation print that could shape the Fed’s rate path. Momentum was also lifted by stronger activity in top trading partner China, as manufacturing and services accelerated in September, particularly in tech and consumer industries. Locally, Finance Minister Suahasil Nazara told lawmakers the state budget was designed with prudence and credibility to buffer the economy against persistent global uncertainty, further bolstering sentiment.
Gains were broad-based, led by industrials, basic materials, energy, and infrastructure. 4%). 4% so far, weighed by inflation concerns, rupiah weakness, and the fiscal strain of higher oil prices.