Indonesia’s stock market climbed 135 points, or 1.9%, to 7,184 in early trading on the first session of April, rebounding from the previous day’s weakness as an overnight rally on Wall Street boosted risk appetite. Sentiment was further supported by hopes of de-escalation in the Iran conflict, after the White House said President Trump would provide an update on Iran in a national address later today.
Traders also reacted positively to reports that Jakarta has secured rice reserves of 4.3 million tons to mitigate the impact of prolonged El Niño-related disruptions. However, upside was limited by caution ahead of key domestic data releases due later in the day, including February trade figures and March inflation.
Consumer prices rose 4.76% in February, the highest rate in nearly three years and above Bank Indonesia’s target range, while January imports surged ahead of the festive period. Gains in the equity market were broad-based, led by cyclicals, basic materials, and industrials. Major outperformers included Unilever Indonesia (up 7.7%), Vale Indonesia (6.1%), Merdeka Copper Gold (4.5%), and Aneka Tambang (3.4%).
