There was a quiet air of optimism in one of Jakarta's swankiest rooftop bars this week, where glasses clinked and chat was cheerful as investors from New York to Hong Kong talked up local prospects when they descended on the capital for the annual UBS conference.
Indonesia often struggles to compete with the likes of India and China for investor interest. But even as sentiment towards emerging markets remains wary, the standout performance of Jakarta's stock market and a new confidence in the government of Southeast Asia's largest economy is attracting attention.
"Indonesia for 2016 could turn out to be the story India was supposed in 2015," says Herald van der Linde, Asia equity strategist at HSBC.
Jakarta's benchmark index has so far this year gained 4.8 per cent, and 9.7 per cent in dollar terms, ranking it among the top 10 performers worldwide. The gains come, too, as Asian stocks have in general been weighed down by fears about China.
The MSCI Asia index, excluding Japan, is down 4 per cent for the year — as are global developed world stocks — compared with a 1 per cent drop for global emerging markets, following the recent rally.