22.06.202602:33:01UTC+00Indonesia Shares Inch Higher to Start Week

Indonesian equities inched up 13 points, or 0.2%, to 6,186 in Monday morning trade, rebounding from the previous session’s losses on strength in infrastructure, energy, and technology counters. Sentiment was underpinned by robust tax revenue growth in May and new infrastructure financing commitments from the Asian Infrastructure Investment Bank. On the geopolitical front, reports indicated that the U.S. and Iran had endorsed a 60-day roadmap toward a final peace agreement, which includes an end to hostilities in Lebanon. In China, Indonesia’s key trading partner, the PBoC left lending rates unchanged for a 13th consecutive month despite signs of softening demand, with weaker consumption and investment data in the latest month. Upside in Jakarta, however, was limited by concerns over potential further tightening by Bank Indonesia, MSCI’s downgrade of Indonesia’s Information Flow accessibility, and FTSE Russell’s removal of several local stocks from its indices. Early outperformers included Sumber Alfaria Trijaya (up 3.7%), Indosat (3.5%), Hartadinata Abadi (2.8%), and Medco Energi (2.6%).