FX.co ★ Stocks in Indonesia Extend Strength in Afternoon Trade

Indonesia's stock market experienced an uptick of 33 points, or 0.4%, reaching 8,347 on Thursday afternoon, marking its second consecutive session of gains. This upward movement was encouraged by an overnight rebound on Wall Street, buoyed by positive U.S. economic data and robust corporate earnings. Within Indonesia, Jakarta is striving for comprehensive downstream integration of nickel-based electric vehicle (EV) battery production within two years, highlighting its ambition to become a significant global player in the EV supply chain. Concurrently, the Agriculture Ministry is planning to establish new poultry and broiler farms as a strategy to curb food inflation. However, the rise in equity prices was moderated by a high unemployment rate of 4.85% in Q3, with underemployment remaining a significant issue due to a slowdown in private sector hiring. Investors remained cautious ahead of China's upcoming trade data for October, expected on Friday, and impending inflation statistics due over the weekend. Despite these concerns, most sectors observed advances, particularly health technology, energy minerals, and producer manufacturing. Among the top performers were Dian Swastatika Sentosa, rising by 8.8%, Petrosea, with a 4.6% gain, and Adaro Andalan Indonesia, advancing by 4.0%.