Other factors that supported the IHSG's performance were the appreciating rupiah exchange rate and the positive assessment of Morgan Stanley that raised its recommendation from underweight to equalweight due to an improvement in Indonesia’s trade balance as well as cheaper valuations.

The aggressive interest rate hike in Turkey (its overnight lending rate was raised from 7.75 percent to 12 percent) impacted positively on Asian stock indices. The appreciating Turkish lira in combination with the falling yen and improved macroeconomic data in South Korea as well as positive financial results of several Asian companies (such as Shizuki Electric Co and Atlas Iron Ltd) brought a fresh wind across Asian markets on Wednesday (29/01).