Jakarta – The Indonesia Stock Exchange (IDX) Composite closed up on Thursday, gaining 108.97 points or 1.64 percent to 6,751.39.
The blue-chip LQ45 index also rallied by 20.044 points (2.28 percent) to 898.922. The day's trading saw 1.31 million transactions involving 25.8 billion shares worth Rp 10.7 trillion (US$674.42 million). Among the 752 traded shares, 370 rallied, 167 declined and 215 remain unchanged.
Notable gainers in the afternoon session included Krida Jaringan Nusantara (KJEN), by 22 points or 21.15 percent to 126, and GoTo Gojek Tokopedia (GOTO) by nine points or 14.52 percent, closing at 71.
Logindo Samudramakmur (LEAD) rallied by 12.07 percent to 65 and Dewi Sri Farmindo (DWEI) by 10.53 percent to 63, while Sarana Menara Nusantara (TOWR) gained 85 points, closing 10 percent higher at 63.
According to Bloomberg data, the rupiah strengthened by 80.5 points or 0.51 percent against the United States dollar, reaching Rp 15,855. Generally Asian markets showed a mixed performance.
The Nikkei index in Japan gained 348 points, a rise of 1.1 percent, closing at 31,949. The Hang Seng index increased by 128 points or 0.75 percent, ending the day at 17,230.
On the other hand, the Shanghai index experienced a slight correction of 13 points or 0.45 percent, closing at 3,009. Meanwhile, The Straits Times in Singapore rose by five points or 0.19 percent, reaching 3,084.
The IDX Composite's positive momentum came as a rebound after a more than 1 percent drop on Wednesday. The index's performance was also in line with global stock markets, which exhibited overall optimism.
The global stock market upturn follows the recent decision by the US Federal Reserve to maintain its benchmark interest rate.
As anticipated by the market, the Fed chose to keep its benchmark interest rate within the range of 5.25-5.5 percent on Wednesday. This decision is expected to result in a weaker US dollar and a decline in US Treasury yields.
In its official statement, the Fed acknowledged the strength of the US economy in the third quarter of 2023, noting moderate movements in labor data. The unemployment rate remained low, while inflation remained high.
"The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook," the Fed said in a press release.
During a press conference following the Federal Open Market Committee (FOMC) meeting, Fed chairman Jerome Powell emphasized they were likely to face more headwinds before inflation can be reduced back to 2 percent.