Index of the Indonesian Stock Exchange (BEI) climbed 44.27 points, or 0.69 percent, to reach 6,439.93, while the index of the 45 most liquid stocks (LQ45) soared 11.71 points, or 1.18 percent, to touch 1,008.15.
"We forecast the IHSG movement to remain flat today, pending the start of the vaccination campaign in which President Joko Widodo will be the first Indonesian to receive the vaccine shot. (The market) is also awaiting whether the vaccine will have a serious side-effect. If not, mass vaccination will be conducted on the Indonesian community," the Samuel Sekuritas research team noted in a report on Wednesday.
The vaccination campaign is expected to lend a positive sentiment at a time when several countries have declared a state of emergency over the COVID-19 pandemic, the team stated.
On the domestic front, the IHSG strengthened 0.2 percent on Tuesday after the Food and Drug Control Agency (BPOM) on Monday issued emergency-use authorization for Chinese vaccine manufacturer Sinovac's COVID-19 vaccine that will enable the government to commence its mass vaccination program on January 13, 2021, as per schedule.
Moreover, on Tuesday, Indonesia had received another 15 million doses of the COVID-19 vaccine in bulk from Sinovac. The additional vaccine doses provided a much-needed boost amid a spike in the number of new COVID-19 cases in the country.
Indonesia reported 10,047 fresh COVID-19 cases and 7,068 new recoveries in the past 24 hours, ending on Tuesday afternoon, thereby raising the number of active cases to 123,313.
On the external front, the US stock exchange closed slightly lower overnight. The market is awaiting the transition of leadership and breakdown of the US government's economic plan for 2021, including stimulus and tax.
In the Asian regional markets on Wednesday morning, the Nikkei Index rose 87.14 points, or 0.31 percent, to reach 28,251.48; the Hang Seng Index jumped 124.21 points, or 0.44 percent, to 28,400.96; while the Straits Times Index increased 5.24 points, or 0.18 percent, to reach 2,982.41.
Related news: IHSG strengthens over emergency-use approval for Sinovac vaccine
Related news: IHSG ends higher on positive global, domestic cues
EDITED BY INE