Jakarta. Jakarta Composite Index (JCI) rose 0.39% to 7,307 on Thursday, gaining 28 points, as Indonesia’s market held firm despite a broad Asian sell-off driven by surging oil prices and escalating tensions in the Middle East.

Trading activity remained solid, with volume reaching 29 billion shares and turnover totaling Rp 16.8 trillion ($983.13 million), while market frequency exceeded 2.2 million transactions. Advancers totaled 278 stocks, compared with 374 decliners and 164 unchanged.

Top gainers were led by Panca Global Securities (PEGE), which surged 34.71%, followed by Radana Bhaskara Finance (HDFA) up 34.07%, Andalan Sakti Primaindo (ASPI) jumping 25%, and Pacific Strategic Financial (APIC) rising 24.78%.

Meanwhile, losses were seen in Dana Brata Luhur (TEBE), which fell 14.06%, Equity Development Investment (GSMF) down 10.57%, Shield On Service (SOSS) declining 9.75%, and Intan Baruprana Finance (IBFN) slipping 0.59%.

Although the index closed higher, sentiment remained fragile as geopolitical risks continued to dominate. Pilarmas Investindo Sekuritas said negative sentiment was driven by renewed Israeli strikes in Lebanon and Iran’s continued blockade of the Strait of Hormuz, which in turn raised concerns over the durability of a ceasefire involving the United States, Iran, and Israel.

“The situation increases uncertainty over the sustainability of the ceasefire agreement,” Pilarmas wrote in a research note on Thursday.

This uncertainty was further compounded after a senior Iranian official said elements of the ceasefire proposal had been violated following the attacks, while Iranian media reported that oil tanker traffic through the Strait of Hormuz remained halted.

As a result, global oil prices climbed back above $97 per barrel, adding pressure to financial markets and prompting investors to adopt a more cautious, risk-off stance.

At the same time, domestic sentiment faced additional headwinds after the World Bank revised down Indonesia’s 2026 economic growth forecast to 4.7% from 4.8%, citing external pressures.

Pilarmas noted that the slowdown reflects rising global oil prices as well as increasing caution among global investors. “Risk-off sentiment could restrain domestic economic expansion going forward,” it said.

Across the region, Asian markets moved lower as these concerns persisted. Japan’s Nikkei fell 0.7% to 55,895.32, while South Korea’s Kospi dropped 1.6% to 5,778.01. Hong Kong’s Hang Seng slipped 0.4% to 25,793.49, and China’s Shanghai Composite lost 0.7% to 3,966.

Uncertainty over global energy supply also remained elevated, particularly as the Strait of Hormuz , a key transit route for roughly one-fifth of the world’s oil, stayed largely closed despite repeated US calls for it to reopen.

Echoing this, ING Bank analysts Ewa Manthey and Warren Patterson said oil prices rebounded as Middle East tensions intensified and ceasefire prospects weakened, keeping market focus firmly on disruptions in the Strait of Hormuz.

Nevertheless, Wall Street provided some support overnight, as US stocks closed higher following President Donald Trump’s announcement of a two-week ceasefire with Iran late Tuesday. The S&P 500 jumped 2.5%, the Dow Jones Industrial Average rose 2.9%, and the Nasdaq Composite gained 2.8%