22.07.202602:39:31UTC+00Indonesia Shares Hover at 5-Week High

Indonesia’s IDX Composite advanced 0.4% to 6,365 in Wednesday morning trade, rising for a tenth consecutive session and holding at its highest level in five weeks. Sentiment was buoyed by a strong overnight lead from Wall Street, underpinned by robust earnings from major U.S. corporations.

On the domestic front, Finance Minister Purbaya Yudhi said Indonesia’s fiscal position remains solid, pointing to a stable credit outlook and a manageable budget deficit. Even so, gains were capped ahead of Bank Indonesia’s policy announcement later in the day. The central bank is widely expected to raise its benchmark interest rate by 25 basis points to 6.0%, following a cumulative 100-basis-point increase in May and June aimed at shoring up the rupiah.

Separately, public criticism intensified over government plans to involve military officers in the collection of taxpayer data.

In corporate moves, shares of Aneka Tambang rose 2.3% after reports that BlackRock had increased its stake in the miner. Other notable gainers included ESSA Industries (up 3.3%), Medco Energi (3.1%), and Merdeka Copper Gold (2.2%).