View of Jakarta, Indonesia.

Jakarta’s main stock index jumped more than 3% on Friday, following the move by Standard & Poor’s to lift Indonesia’s sovereign rating to investment grade, reports Reuters. Fitch and Moody’s awarded Indonesia the rating in 2011 and 2012, respectively.

“Winning the investment grade title allows Indonesia access to a wider investor base. This rating upgrade should drive valuations higher,” Taye Shim of Mirae Asset Sekuritas Indonesia was quoted as saying.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.