With the interest rate hike by Indonesia's central bank, the Indonesian stock market closed higher.

The Indonesian Jakarta Composite Index closed up 7.6% on Tuesday at 5746.65 points, following a surprise rate hike by the Indonesian central bank in an off-cycle meeting. The benchmark index ended a four-day losing streak and recorded its largest single-day percentage gain since March 2020. Radhika Rao of DBS Group mentioned in an email that the central bank's tightening of monetary policy highlights its commitment to maintaining orderly exchange rate movements, which should provide support for the Indonesian rupiah in the future. Among the gainers, hotel company Red Planet Indonesia rose by 27%, while coal logistics company Dana Brata Luhur increased by 23%. On the other hand, Sentra Food Indonesia fell by 9.0% and hotel service company Island Concepts Indonesia dropped by 13%.