Indonesia’s IDX Composite rose 37 points, or 0.6%, to 6,137 in Wednesday morning trade, extending gains from the previous session after MSCI postponed its review of Indonesia’s market accessibility to November. The extended review follows concerns raised earlier this year, when the index provider froze changes to Indonesia’s equity indexes in January over investability issues.
On the domestic front, sentiment was buoyed by government plans to relaunch consumer stimulus in the second half of the year to bolster economic activity amid ongoing global uncertainty. Externally, U.S. futures inched higher after a tech-led selloff on Wall Street overnight, while easing tensions in the Strait of Hormuz brought oil prices closer to pre-conflict levels.
Gains were led by industrials, financials, and healthcare, which helped counter weakness in transport, consumer cyclicals, and property. Notable outperformers included Surya Citra Media (up 3%), Astra International (2.4%), Semen Indonesia (1.7%), and Perusahaan Gas Negara (1.3%).
