🟢 PT Bank Mandiri (Persero) Tbk is trading 10.2% up as surprise rate hike and buyback talks spark rally in Indonesian banks

PT Bank Mandiri (Persero) Tbk is trading 10.2% up at $4,090, part of a massive relief rally in Indonesian banking stocks.

• The surge was triggered by Bank Indonesia's unexpected 25 basis point rate hike to 5.50% to defend the rupiah after recent weakness.
• Sentiment was further boosted by a government push for state-owned enterprise share buybacks, leading to a broad rally in the financial sector and the Jakarta Composite Index.