The Indonesian stock market recorded a significant rebound on Thursday, halting a two-day decline and positioning itself for potential gains on Friday. The Jakarta Composite Index closed well above the 6,520-point mark, reflecting optimism from both local and international factors.
Locally, the rise was driven by strong performances in financial shares, cement companies, and resource stocks. The index surged 116.06 points, or 1.81 percent, to reach the daily high of 6,521.75 after earlier dipping to 6,376.65.
Globally, the positive trend from U.S. markets provided support, with the major U.S. averages climbing throughout the session. The Dow Jones Industrial Average rose 105.56 points (0.20 percent), the NASDAQ gained 411.15 points (1.57 percent), and the S&P 500 increased by 55.29 points (0.72 percent).
The NASDAQ’s surge was largely attributed to better-than-expected quarterly results from AI leader Nvidia (NVDA), which also issued optimistic revenue guidance. Similarly, Salesforce (CRM) saw a sharp increase after reporting strong earnings and forecasts for the third quarter.
Traders remained cautious ahead of Federal Reserve Chairman Kevin Warsh’s speech at the Jackson Hole economic symposium, which could influence monetary policy outlooks.
Adding complexity, crude oil prices ascended sharply following developments in the Strait of Hormuz, despite diplomatic efforts. West Texas Intermediate crude for October delivery rose $1.35, or 1.64 percent, to trade at $83.58 per barrel, potentially capping some regional enthusiasm.
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