Jakarta. Indonesian stocks jumped almost 2% on Wednesday, tracking a global rally fueled by hopes of a de-escalation in the Iran conflict.

Jakarta Composite Index (JCI) climbed 136 points, or 1.93%, to close at 7,184, moving within a range of 7,136 to 7,207. Trading activity remained robust, with volume reaching 31 billion shares and turnover at Rp 16.23 trillion ($955.89 million) across more than 2 million transactions. Market breadth was positive, with 475 stocks advancing, 209 declining, and 135 unchanged.

Top gainers were led by Chemstar Indonesia (CHEM), which surged 27.03%, followed by Alakasa Industrindo (ALKA) up 25%, Yanaprima Hastapersada (YPAS) rising 24.86%, and Kokoh Exa Nusantara (KOCI) gaining 24.76%. On the losing side, Remala Abadi (DATA) fell 14.95%, PP Presisi (PPRE) dropped 14.93%, Nusantara Almazia (NZIA) declined 14.86%, and Weha Transportasi Indonesia (WEHA) slipped 14.84%.

Pilarmas Investindo Sekuritas attributed the rally to a rebound in Asian markets tracking Wall Street’s strong performance, fueled by optimism over potential de-escalation in the Middle East, particularly involving the United States, Israel, and Iran.

The sentiment strengthened after US President Donald Trump signaled that Washington could halt its military involvement in Iran within two to three weeks. Meanwhile, Iran’s President Masoud Pezeshkian was reported to be open to ending the conflict under certain conditions, including international guarantees.

Trump said the United States would likely “be done attacking Iran in two to three weeks” and added that the US “will not have anything to do with” developments in the Strait of Hormuz afterward.

The conflict has disrupted maritime traffic in the Strait of Hormuz, a critical route for roughly a fifth of global oil supply, driving energy prices higher and stoking inflation concerns worldwide.

“Such developments provide hope for easing geopolitical tensions, thereby increasing investor risk appetite,” Pilarmas wrote in its Wednesday report.

Domestically, the brokerage noted that Indonesia’s economic fundamentals remain relatively solid despite global uncertainty. Manufacturing activity, while moderating, stayed in expansion territory. The S&P Global PMI edged down to 50.1 in March 2026 from 53.8 in February.

Pilarmas said the decline reflected external pressures, including geopolitical tensions, supply chain disruptions, and rising input costs. “However, continued expansion in manufacturing activity signals resilience in the real sector,” it added.

External stability was further supported by trade performance. Data from Central Statistics Agency showed a February trade surplus of $1.28 billion, reinforcing Indonesia’s external balance.

Inflation also remained within target. The agency reported March inflation at 0.41% month-to-month and 3.48% year-on-year. “This figure remains within Bank Indonesia’s target range of 2.5±1%, reflecting relatively controlled price pressures,” Pilarmas said.

Globally, markets rallied after oil prices slipped below $100 per barrel and hopes grew that the Iran conflict could wind down. Asian equities surged in tandem with Wall Street’s strongest session in nearly a year.

“De-escalation hopes have given markets a lift, but we think the effects of the war would, in many cases, persist even if the war did end soon,” said Thomas Mathews.

“It’s worth thinking through how markets might fare if the war were to end very soon. Do markets have further to recover if sentiment continues to improve? The answer is almost certainly yes,” he added.

Regional markets posted sharp gains. South Korea’s Kospi jumped 8.4% to 5,478, while Japan’s Nikkei 225 rose 5.2% to 53,739. Hong Kong’s Hang Seng gained 2.3% to 25,346, and China’s Shanghai Composite advanced 1.5% to 3,948.

On Wall Street, the rally was equally strong. The S&P 500 surged 2.9% to 6,528, marking its biggest gain since May. The Dow Jones Industrial Average climbed 2.5% to 46,341, while the Nasdaq Composite soared 3.8% to 21,590.

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