Ria Fortuna Wijaya, Jakarta – Jakarta Composite Index (JCI) closed higher on Wednesday, rebounding 0.92 percent to 7,699 after two consecutive sessions of losses triggered by concerns over President Prabowo Subianto's cabinet reshuffle that replaced Finance Minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa.
The benchmark index rose 70.40 points after touching an intraday high of 7,726.37 and a low of 7,661.28. Trading frequency reached 1.81 million with 29.67 billion shares changing hands at a total value of Rp 14.92 trillion. Gainers outpaced losers, with 408 stocks advancing, 256 declining, and 144 flat.
Fendi Susiyanto, CEO of Finvesol Consulting, noted that the rebound was supported by attractive valuations following recent sell-offs.
"Investors see that the intrinsic value remains attractive. We estimate an upside potential of 17-19 percent this year. Blue chips such as BBCA, BBNI, and Telkom posted solid gains today, signaling that both domestic and foreign investors are re-entering the market after profit-taking," Fendi said.
Sectoral performance was led by financials, up 1.33 percent, followed by property at 1 percent and infrastructure at 1 percent. In contrast, technology shed 1.38 percent, basic materials fell 0.85 percent, and transportation slipped 0.55 percent.
The LQ45 index climbed 1.58 percent, Jakarta Islamic Index (JII) gained 0.75 percent, IDX30 added 1.52 percent, and Investor33 rose 1.47 percent. Among individual movers, top gainers included Multi Makmur Lemindo (PIPA) up 35 percent, Gaya Abadi Sempurna (SLIS) up 25.30 percent, and Pakuan (UANG) up 25 percent. On the downside, Panin Asset Management (XPTD) plunged 14.60 percent, Puri Sentul Permai (KDTN) dropped 14.01 percent, and Dharma Satya Nusantara (DSNG) fell 10.99 percent.
European markets advanced, with France's CAC 40 rising 0.8 percent to 7,809.80, Germany's DAX up 0.6 percent to 23,856.74, and Britain's FTSE 100 adding 0.2 percent to 9,263.14. US futures were mixed, with Dow futures down 0.1 percent at 45,700.00 while S&P 500 futures gained 0.3 percent to 6,537.75.
In Asia, Japan's Nikkei 225 jumped 0.9 percent to 43,837.67, Australia's S&P/ASX 200 gained 0.3 percent to 8,830.40, and South Korea's Kospi surged 1.7 percent to 3,314.53. Hong Kong's Hang Seng rose 1 percent to 26,200.26, while the Shanghai Composite edged up 0.1 percent to 3,812.22 amid lingering uncertainty over US-China tariff negotiations.
The US maintains a 30 percent tariff on Chinese goods, while China continues to impose a 10 percent levy as part of a fragile de-escalation deal reached in May.