Indonesia’s stock benchmark closed at a fresh record high on Thursday amid signs of an economic recovery.

The Jakarta Composite Index of shares rose 0.1% to 6,691.34, a new all-time high close. Bank and consumer stocks were the biggest gainers, with PT Unilever Indonesia surging 6.6% and PT Bank Mandiri climbing 1.1%. 

“Indonesia’s index has slightly trailed other countries, we’re playing catch up,” said Ferry Wong, head of Asean and Indonesia research at Citigroup Inc. “And Indonesia’s position now is relatively far better. We’re being helped by gains in the commodity market.”

Southeast Asia’s largest economy is set for a quicker growth rebound as it eases movement restrictions and reopens borders after reining in Covid-19 cases and deaths to the lowest levels since the middle of 2020. Household spending is showing signs of a pick up, while the commodities boom is bolstering the economy, which remains a major exporter of coal and palm oil.

Foreign investors have bought $2.9 billion more Indonesian shares than they’ve sold so far this year, while neighbouring countries including Philippines and Thailand recorded outflows.

Local bonds have also outperformed emerging-market peers despite year-to-date outflows amounting to $2.4 billion. The central bank has pledged to continue its debt purchases through next year to help the government fund measures to address the pandemic’s impact.

Morgan Stanley upgraded Indonesia to overweight in late October, citing further reopening of Asean economies and supportive trends in its rates markets. Steady reform progress including the passage of an omnibus law on job creation, continued investment into tech platforms and commodities and an improving macro outlook should all support equity prices, analysts including Daniel Blake wrote in a note.