Indonesia's IDX Composite rises 0.2% to 6,676, highest in 3-1/2 months

  • Indonesia's IDX Composite rose 15 points to 6,676 in early Friday trading.
  • 0.2% was the gain, lifting the index to a 3-1/2-month high.
  • Destry Damayanti pledged responsive policy after becoming Bank Indonesia governor.

Indonesia's IDX Composite rose 15 points, or 0.2%, to 6,676 in early Friday trading, extending the previous session's advance and reaching its highest level in 3-1/2 months. Sentiment improved after an overnight Wall Street rally, as dovish remarks from Fed Governor Waller led traders to reduce bets on further interest-rate increases. Confidence was also supported by the smooth transition at Bank Indonesia, where newly inaugurated Governor Destry Damayanti pledged responsive policy to protect stability and economic growth. Gains were tempered by caution ahead of next week's August foreign-exchange reserves, consumer sentiment and July retail-sales data. Inflation concerns persisted after August figures accelerated, with potential El Niño-related food-supply disruptions adding to the risks. Indah Kiat Pulp & Paper rose 1.7%, Mitra Adiperkasa gained 1.1% and Bumi Resources advanced 1.0%. The market was on course for a weekly gain of about 2.7%, reversing its previous declines.

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