Jakarta.  Indonesia’s benchmark Jakarta Composite Index (JCI) continued its upward momentum at Thursday’s open, defying overnight declines on Wall Street and a mostly weaker Asia-Pacific session.

JCI opened higher on Thursday, rising to 9,072 in early trade, moving within a range of 9,047 to 9,081.

In the first minutes of trading, total volume reached 4.12 billion shares with a turnover of Rp 2.69 trillion ($159.59 million) across more than 323,000 transactions. A total of 294 stocks advanced, 216 declined, and 183 remained unchanged.

CGS International Sekuritas Indonesia warned that the overnight decline on Wall Street could weigh on domestic sentiment.

US stocks closed lower on Wednesday after losses in several banking and Big Tech stocks dragged major indexes down, despite most stocks finishing higher. The S&P 500 slipped 0.5% for its second straight loss after hitting a record high, the Dow Jones Industrial Average fell 42 points or 0.1%, while the Nasdaq Composite dropped 1%.

Pilarmas Sekuritas Investindo noted that US producer prices rose in November on both a monthly and annual basis, mainly driven by higher energy costs, while services inflation remained stable. With consumer inflation entering a more stable phase but producer prices continuing to climb, companies face limited room to pass higher costs on to consumers, keeping corporate profit margins under pressure.

Pilarmas also highlighted that US retail sales rebounded strongly in November, signaling resilient consumer spending despite rising unemployment. This supports expectations that the Federal Reserve will maintain a wait-and-see stance, with markets now looking ahead to upcoming GDP and PCE data. The Fed is widely expected to hold interest rates at its Jan. 29 meeting, keeping global market sentiment cautious but relatively stable.

In the Asia-Pacific region, markets mostly weakened, with Japan’s Nikkei down 0.55% to 54,039, South Korea’s Kospi falling 0.27% to 4,710, Hong Kong’s Hang Seng slipping 0.10% to 26,972, and China’s Shanghai Composite declining 0.49% to 4,106.

Meanwhile, continued gains in metal mineral and crude oil prices, along with foreign investor buying, are expected to provide support for the JCI.