IDX Extends Gains Post-Eid Break

Indonesia’s IDX Composite rose 55 points, or 0.8%, to 7,159 in early Wednesday trade, marking gains for a second straight session as markets reopened after a week-long Eid holiday. Sentiment was lifted by a surge in U.S. futures amid reports that Washington had sent Iran a 15-point ceasefire plan, seeking a month-long pause in hostilities. Locally, Finance Minister Purbaya Yudhi Sadewa reaffirmed that Indonesia will not exceed its 3% budget deficit cap, noting contingency scenarios would only be considered in a major crisis. However, gains were capped by concerns that the government may raise fuel prices after the festive season to offset rising global oil costs. Meanwhile, several domestic data will be due next week, including March inflation and February trade figures. Most sectors advanced, led by energy, industrials, and cyclicals. Early movers included Amman Mineral Intl. (6.7%), Astra Intl. (5.6%), Barito Renewables Energy (3.5%), and Telkom Indonesia (4.3%).

Indonesian stocks rose 70 points, or 0.9%, to 7,086 in Tuesday’s morning session, snapping a four-day losing streak as bargain hunters stepped in after local markets hit an eight-month low in the prior session. Sentiment was lifted by Wall Street’s extended strength overnight as oil prices eased back below USD 100 per barrel. Bets also grew that the U.S. Federal Reserve will keep interest rates unchanged at the conclusion of its two-day meeting on Wednesday. Locally, Jakarta reaffirmed its commitment to fiscal discipline, stressing that the 3% of GDP budget deficit cap would only be breached under severe crisis conditions. Most sectors gained, led by basic materials, transport, and infrastructure. Early gainers included XLSmart Telecom (6.6%), Aneka Tambang (6.0%), and Unilever Indonesia (4.0%). Traders now await Bank Indonesia’s policy decision later today, with expectations for a sixth straight rate hold. Markets will close on Wednesday for holidays and resume on March 25.

Indonesia’s IDX Composite fell 88 points, or 1.2%, to 7,049 in early Monday trade, extending losses for a fourth straight session and hitting its lowest level since mid-July 2025. Sentiment weakened as investors weighed inflationary risks from the Middle East conflict, which has driven oil prices higher and clouded the global outlook. Caution also prevailed as Bank Indonesia began its policy meeting, with a rate decision due Tuesday, amid signs of rising domestic inflation during Ramadan and Eid al-Fitr. Authorities have signaled subsidized fuel prices will remain unchanged through the festive period, though persistently high oil prices could eventually force policy adjustments from Jakarta. Seasonal spending, particularly from festive allowances, helped limit the decline. All sectors traded lower, led by energy, infrastructure, and non-cyclicals. Major laggards included Barito Pacific (-4.7%), Sumber Alfaria Trijaya (-3.1%), Vale Indonesia (-2.2%), and Indo Tambangraya Megah (-1.5%).