FX.co ★ Indonesia Stocks Hit New Record, Log Strong Weekly Gains

The IDX Composite rose by 52 points or 0.6%, reaching an all-time high of 8,387 on Friday. This marks its third consecutive session of gains and a weekly increase of 2.8%. Traders appeared unfazed by disappointing trade figures from China, a critical trading partner for Indonesia. Instead, optimism was bolstered by Indonesia's stable economic outlook, which has been supported by strong growth, robust fiscal liquidity, and an uptick in exports. The nation's foreign reserves saw an increase to USD 149.9 billion in October, recovering from a 15-month low and indicating stronger external financial buffers. Market sentiment was also lifted by the performance of U.S. futures, suggesting a potential rebound in Wall Street following Thursday's tech-driven downturn, driven by concerns over inflated AI valuations and the possibility of a U.S. government shutdown. The healthcare, industrial, and consumer sectors spearheaded the gains, with leading contributors including Indosat, up by 8.9%, Petrindo Jaya Kreasi, which rose by 7.1%, and Elang Mahkota Teknologi, climbing by 7.2%. However, the market's upward momentum was somewhat restrained due to apprehensions about the upcoming economic data from China, specifically its Consumer Price Index (CPI) and Producer Price Index (PPI), expected over the weekend, along with Indonesia's consumer sentiment report for October, due next week.