FX.co ★ Indonesia Market Pushes to Another High

The IDX Composite in Indonesia experienced an increase of 25 points, or 0.3%, reaching a new high of 8,957 during early trade on Wednesday. This marks the index's sixth consecutive session of growth. The uptrend was supported by stronger U.S. futures, following record highs reached by the S&P 500 and Dow Jones the previous night, as investors shifted their focus from geopolitical tensions in Venezuela to the forthcoming U.S. labor market data, which may provide insights into the Federal Reserve's monetary policy direction. Market sentiment was further buoyed by indications from China's central bank that they might consider rate cuts and reductions in reserve requirements to bolster growth and maintain adequate liquidity. However, caution persisted due to the anticipation of December's CPI and PPI data from China, which tempered overall market enthusiasm. Domestically, Indonesia is encountering a slowdown in export momentum alongside resurfacing inflation pressures fueled by food costs and rising global gold prices. The sectors driving the gains included basic materials, energy, and industrials, with notable contributions from companies such as Aneka Tambang (up 10.1%), Darma Henwa (up 3.7%), Rukun Raharja (up 3.0%), and Bumi Resources (up 2.2%).