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Indonesia’s equity benchmark closed at a record high on Tuesday on optimism that the nation’s central bank is done with rate hikes and incumbent President Joko Widodo’s policies would
be preserved by his successor in an upcoming election.
The Jakarta Composite Index advanced 0.7% to surpass its previous all-time high of 7,318.016 hit in September 2022. Top gainers included miner PT Ancora Indonesia Resources Tbk and media company PT Era Media Sejahtera Tbk, both up more than 30% on Tuesday.
The Indonesian measure gained more than 6% last year, buoyed by renewables and banking shares, trailing only Vietnam’s stock gauge among Southeast Asian benchmarks.
Key presidential candidates’ promises to uphold current government policies ahead of the February 14 elections are adding to investor optimism over Southeast Asia’s biggest economy. Meanwhile, the nation’s central bank has signaled that it’s done with tightening, and the current government has pledged to step up spending.