Indonesian stock market extends rally as consumer data boosts market sentiment
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⑴ The Indonesian stock market rose by 63 points, an increase of 0.8%, closing at 8,093 points, continuing the upward trend from the previous trading day. ⑵ The industrial, transportation, and cyclical sectors led the gains in the market. ⑶ Market sentiment was boosted by local data, with consumer confidence in January reaching a 12-month high ahead of the Lunar New Year and Ramadan. ⑷ Despite floods disrupting economic activity in some regions, retail sales in December achieved growth for the eighth consecutive month, though the growth rate slowed. ⑸ Traders reacted calmly to FTSE Russell's decision to delay the scheduled index review, after MSCI last month warned that the Indonesian market risked being downgraded to frontier market status due to data transparency issues. ⑹ After Indonesia's sovereign rating was downgraded, Moody's revised the outlook for five major local banks to negative.
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