Jakarta. Indonesia’s benchmark index surged on Friday, riding a wave of global optimism after a temporary ceasefire between the United States and Iran eased geopolitical fears, even as investors stayed alert to lingering risks in the Middle East.

Jakarta Composite Index (JCI) jumped 2.07%, or 150 points, to close at 7,458.

Trading activity was robust, with volume reaching 42.5 billion shares and turnover totaling Rp 18 trillion ($1 billion), across more than 2.2 million transactions. Advancers outpaced decliners, with 485 stocks rising, 181 falling, and 153 unchanged.

Top gainers were led by Natura City Development (CITY), which soared 34.72%, followed by Nusantara Voucher Distribution (DIVA) up 34.51%, Optima Prima Metal Sinergi (OPMS) rising 34.43%, and Minna Padi Investama (PADI) gaining 27%.

On the losing side, Ace Oldfields (KUAS) fell 14.02%, Shield On Service (SOSS) dropped 9.86%, Radana Bhaskara Finance (HDFA) declined 9.84%, and Intan Baruprana Finance (IBFN) slid 9.09%.

Pilarmas Investindo Sekuritas said the market rally was primarily driven by a two-week ceasefire agreement between Washington and Tehran, boosting investor confidence that global geopolitical tensions may ease.

Investors are now awaiting further diplomatic talks scheduled in Islamabad this weekend, which are expected to serve as an initial step toward a more permanent resolution.

“However, the market continues to monitor downside risks, as Israeli strikes on Lebanon are ongoing and disruptions in the Strait of Hormuz could potentially hinder global energy supply,” Pilarmas wrote in a research note on Friday.

Asian markets broadly followed Wall Street higher. South Korea’s Kospi rose 1.8% to 5,879, while Japan’s Nikkei 225 gained 1.6% to 56,789. Shares of Fast Retailing, the parent company of Uniqlo, surged more than 10% after raising its annual profit forecast.

Hong Kong’s Hang Seng advanced 0.7% to 25,919, and China’s Shanghai Composite added 0.6% to 3,991. China reported its consumer price index rose 1% year-on-year in March, below expectations and easing from 1.3% in February.

Attention is now turning to US-Iran talks set to begin Saturday in Islamabad, with US Vice President JD Vance leading the American delegation. The negotiations aim to secure a more lasting ceasefire agreement.

Still, uncertainties remain. Deadly Israeli strikes on Lebanon earlier this week have cast doubt over the durability of the truce, while Iran continues to maintain control over the Strait of Hormuz, a key artery for global oil and gas shipments, which remains largely closed despite US calls to reopen it.

Israeli Prime Minister Benjamin Netanyahu said he has authorized talks with Lebanon, with further negotiations expected in Washington next week.

From a macro perspective, Pilarmas noted that investors are also awaiting the release of the US March consumer price index (CPI) data, a key indicator to assess how Middle East tensions may be feeding into inflation and influencing the Federal Reserve’s interest rate trajectory.

Minutes from the Federal Open Market Committee’s March meeting showed policymakers remain concerned about persistent inflation risks stemming from geopolitical tensions. This keeps the door open for another rate hike, although markets still expect at least one rate cut later this year.

Domestically, the JCI’s gains were also supported by the global equity rally, particularly on Wall Street. However, caution lingers as Indonesia’s Consumer Confidence Index slipped to 122.9 in March 2026, down from 125.2 in the previous month.

Overnight, Wall Street extended gains on ceasefire optimism. The S&P 500 rose 0.6% to 6,824, the Dow Jones Industrial Average climbed 0.6% to 48,185, and the Nasdaq Composite advanced 0.8% to 22,822.