Indonesian equities climbed 86 points, or 1.5%, to 5,988 in early Thursday trade, extending gains into a third straight session. The advance came as U.S. equity futures traded mostly higher, partially recovering from Wall Street’s overnight pullback triggered by escalating Middle East tensions and hotter-than-expected May inflation data.
On the domestic front, risk appetite improved after the government scrapped a proposed mining profit-sharing scheme and relaxed coal and nickel production quotas in a bid to stabilise the sector. In a separate move, Finance Minister Purbaya Yudhi announced nine fiscal initiatives aimed at cushioning the economy against mounting global uncertainty.
Gains were broad-based, led by property, infrastructure, and industrial names. However, upside momentum was constrained by a deterioration in consumer confidence in May and a steep increase in non-subsidized fuel prices, reflecting higher import costs amid elevated crude prices and a weaker rupiah.
Among notable outperformers were Indosat (+6.3%), Sarana Menara Nusantara (+4.8%), Medco Energi (+4.6%), Bank Negara Indonesia (+4.3%), and Astra International (+3.8%).
