Indonesia Equities Extend Gains on S&P Affirmation, Fiscal Lift

2026-07-14 02:48 By Farida Husna 1 min. read

Indonesian shares rose 38 points or 0.6% to 6,074 in early trade on Tuesday, building gains from the prior session amid strength in energy, cyclicals, and infrastructure.

Sentiment was lifted by S&P’s affirmation of Indonesia’s BBB/A-2 rating with a stable outlook, noting that risks from high energy prices, interest rates, rupiah weakness, and policy uncertainty could be offset by commodity revenues, spending restraint, and stronger resource-sector reforms.

Fiscal data also lent support, with mid-year state revenue reaching 46.3% of target, up 21.4% yoy.

However, upside was capped by a sharp drop in U.S.

futures after Wall Street fell overnight, pressured by President Trump’s vow to reinstate a blockade on Iranian shipping through the Strait of Hormuz.

Caution lingered ahead of China’s June trade data later today, followed by activity readings and Q2 GDP on Wednesday.

Standout movers included Energi Mega Persada (10.8%), Indika Energy (8.1%), Kalbe Farma (2.1%), and Bukit Asam (1.2%).



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Indonesia Equities Extend Gains on S&P Affirmation, Fiscal Lift
Indonesian shares rose 38 points or 0.6% to 6,074 in early trade on Tuesday, building gains from the prior session amid strength in energy, cyclicals, and infrastructure. Sentiment was lifted by S&P’s affirmation of Indonesia’s BBB/A-2 rating with a stable outlook, noting that risks from high energy prices, interest rates, rupiah weakness, and policy uncertainty could be offset by commodity revenues, spending restraint, and stronger resource-sector reforms. Fiscal data also lent support, with mid-year state revenue reaching 46.3% of target, up 21.4% yoy. However, upside was capped by a sharp drop in U.S. futures after Wall Street fell overnight, pressured by President Trump’s vow to reinstate a blockade on Iranian shipping through the Strait of Hormuz. Caution lingered ahead of China’s June trade data later today, followed by activity readings and Q2 GDP on Wednesday. Standout movers included Energi Mega Persada (10.8%), Indika Energy (8.1%), Kalbe Farma (2.1%), and Bukit Asam (1.2%).
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Indonesia’s IDX Composite added 18 points, or 0.3%, to 5,932 in early Friday trade, extending momentum from the prior session as Wall Street’s rebound overnight in chip stocks spilled over. Meanwhile, the IMF maintained its April projection for Indonesia’s economy to grow 5% in 2026, even as global uncertainty lingers. On local data, June car sales rose 12% yoy, marking a third consecutive monthly rise and lifting first-half sales 15.9% from a year earlier. Yet optimism was tempered by May retail data, which showed the steepest annual drop in three years as higher non-subsidized fuel prices weighed on consumer spending. Mining services also struggled in H1 2026, pressured by reduced production quotas under current work plans, with contractors awaiting revisions. Still, the market is on track for its first weekly gain in three weeks, up about 0.7% so far. Leading movers included Pertamina Geothermal Energy (3.7%), Vale Indonesia (2.8%), Darma Henwa (2.4%), and Aneka Tambang (2.1%).
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