FX.co ★ Indonesian Stocks Hit 3-1/2-Month High as BI Gets Historic Leadership

Indonesian shares rose 49 points, or 0.7%, to 6,644 on Thursday, rebounding from the previous lackluster session and reaching their highest level in three and a half months. Sentiment improved following a partial recovery on Wall Street overnight, as traders engaged in bargain hunting across sectors that had been hit by recent risk-off selling.

On the domestic front, Destry Damayanti was sworn in as governor of Bank Indonesia on Wednesday, becoming the first woman to lead the central bank. During her confirmation hearing, she pledged to keep monetary policy agile in responding to economic challenges, while prioritizing stability and fostering growth.

Upside momentum was limited, however, by concerns that both headline and core inflation could edge higher in the coming months. These worries stem from rising input and logistics costs, a rebound in energy prices, and potential El Niño-related disruptions to food supply.

All sectors advanced, led by basic materials, non-cyclical stocks, and energy. Early notable gainers included Charoen Pokphand (up 7.6%), Adaro Andalan (4.0%), Bukit Asam (3.7%), and Medco Energi (2.1%).