Jakarta. Jakarta Composite Index (JCI) rallied on Tuesday ahead of the Eid holiday break, as improving global sentiment and expectations of steady interest rates buoyed investor appetite.

The benchmark index climbed 1.2% or 84 points to close at 7,106, after moving within a range of 7,059 to 7,148.

Trading activity remained robust, with volume reaching 30.89 billion shares and turnover totaling Rp 23.86 trillion ($1.41 billion), across more than 1.5 million transactions. Gainers outpaced decliners, with 457 stocks rising, 214 falling, and 148 unchanged.

Top gainers were led by Rockfields Propertindo Indonesia (ROCK), which surged 24.82%, followed by Jakarta Setiabudi International (JSPT) up 24.70%, Leyand International (LAPD)  gaining 19.48%, and Esta Multi Usaha (ESTA) advancing 16.03%.

On the losing side, Prasidha Aneka dropped  (PSDN) 14.97%, Hotel Fitra International  (FITT) fell 14.92%, Pool Advista Finance (POLA) declined 14.86%, and Batulicin Nusantara (BESS) slipped 14.84%.

Pilarmas Investindo Sekuritas said the JCI strengthened in line with Asian markets, supported by continued gains on Wall Street overnight. The firm noted that investors are increasingly betting the Federal Reserve will keep interest rates unchanged at the conclusion of its two-day meeting on Wednesday.

Oil prices remained volatile after Iran intensified attacks on energy infrastructure around the Persian Gulf. However, Pilarmas noted that optimism over a potential reopening of the Strait of Hormuz helped sustain investor interest.

The brokerage also pointed out that US President Donald Trump had asked China to delay a planned meeting with President Xi Jinping by about a month, citing the need to focus on the Iran conflict.

Domestically, Pilarmas highlighted the government’s commitment to fiscal discipline, emphasizing that the budget deficit cap of 3% of GDP would only be breached under severe crisis conditions.

Investors are now awaiting Bank Indonesia’s policy decision, with expectations that the central bank will hold rates steady for a sixth consecutive meeting. Pilarmas added that the market will be closed on Wednesday and reopen on March 25.

Global markets showed mixed movements. Shares in Europe and Asia traded unevenly after a drop in oil prices helped lift US stocks to their strongest session since the Iran conflict began.

Brent crude rebounded nearly 4% to $104.13 per barrel on Tuesday, while US benchmark crude rose to $97.53 after dipping to around $93 a day earlier.

In Asia, Japan’s Nikkei 225 slipped 0.1% to 53,700, while South Korea’s Kospi jumped 1.6% to 5,640. Hong Kong’s Hang Seng edged up 0.1% to 25,668, while China’s Shanghai Composite fell 0.9% to 4,049.

On Wall Street, the S&P 500 rose 1% for its biggest gain in five weeks. The Dow Jones Industrial Average added 0.8%, while the Nasdaq Composite climbed 1.2%.

Markets have been driven largely by oil price swings, which surged from around $70 before the United States and Israel launched attacks on Iran. In response, Iran has nearly halted traffic through the Strait of Hormuz,  a critical route for roughly a fifth of global oil supply. Prolonged disruption in the strait risks keeping oil supply constrained, potentially fueling inflationary pressures that could weigh on the global economy.

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