Institution: The rebound in the Indonesian stock market may lose momentum.

Kevin Khaw Khai Sheng of iFast Capital stated that the recent rebound in the Indonesian stock market may only be a temporary recovery after a sell-off, rather than the beginning of a sustained uptrend. The upside may be limited as investors are still attracted to high-yielding government bonds and remain cautious of the weakness of the Indonesian rupiah. He maintains a bearish view on the Indonesian stock market and mentioned that he would only turn constructive if the USD breaks steadily below 18,000 rupiah, bond yields decline, and foreign capital inflows resume. He added that before these conditions are met, any rebounds may be seen as tactical rather than the start of a lasting market uptrend. After the US and Iran reached a peace agreement, the US dollar fell by 1.0% to 17,690 rupiah, while the Jakarta Composite Index rose by 3.6% to 6226.47 points.