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Just caught the Indonesia stock market hitting fresh record territory - the Jakarta Composite Index closed at 8,859.19, up over 111 points on the day. That's four straight sessions of gains now, with the index climbing more than 3.7 percent in that stretch. Pretty solid momentum building here.
What's interesting is where the strength's coming from. Resource and commodity stocks are leading the charge - saw some standout movers like Bumi Resources jumping over 10 percent, Timah up 5.73 percent, and Vale Indonesia accelerating 5.66 percent. Even Aneka Tambang surged 5.61 percent. The food companies also showed up, with Indofood rallying 2.62 percent. Banking sector was more mixed though - some banks gained while others pulled back slightly.
The Indonesia bourse got a tailwind from Wall Street staying in the green, and oil prices jumping on OPEC's production pause plans seems to be fueling that resource stock strength. Crude shot up nearly 1 percent overnight. If that momentum sticks around, the Indonesia stock market could extend these gains into Tuesday. Oil and commodity-linked plays might continue leading, though we could see some profit-taking creep in later in the session. Worth keeping an eye on how the resource sector behaves.