Indonesia’s IDX Composite edged up 12 points or 0.2% to 6,185 in early Friday trade, reversing losses in the prior two sessions amid a positive lead from Wall Street overnight as optimism over a potential US-Iran deal offset concerns over a hawkish Federal Reserve. Meanwhile, Bank Indonesia raised borrowing costs by 25bps on Thursday, bringing the cumulative 75bp hike since May to further support the rupiah and attract inflows. Among top movers were Merdeka Copper Gold (7.3%), Bank Central Asia (2.5%), Surya Citra Media (2.0%), and Charoen Pokphand (1.5%). Markets are heading for the second straight weekly advance, up around 3% so far, as bargain hunting continues after the benchmark hit a six-year trough. However, gains were capped by a new warning from MSCI as the index provider flagged weak visibility in shareholdings and signs of coordinated trading, just days before it decides whether to reclassify Indonesia as a frontier market, a downgrade that could accelerate fund outflows.

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