Jakarta. Indonesian stocks roared higher on Wednesday, with the Jakarta Composite Index (JCI) soaring 4.42% as a Middle East ceasefire eased oil fears and reignited global risk appetite.

The benchmark index jumped 308 points to close at 7,279, after moving within a range of 7,118 to 7,281 during the session.

Trading activity remained robust, with volume reaching 43 billion shares and turnover totaling Rp 22.62 trillion ($1.33 billion), across more than 2.4 million transactions. Gainers dominated the market, with 623 stocks advancing, compared with 101 decliners and 95 unchanged.

Top gainers on the Indonesia Stock Exchange included Wijaya Cahaya Timber (FWCT), which surged 34.18%, Ace Oldfields (KUAS) rising 32.73%, Royaltama Mulia Kontraktorindo (RMKO) climbing 25%, and Rockfields Property Indonesia (ROCK) gaining 24.94%.

On the losing side, Equity Development Investment (GSMF) fell 14.58%, Sinergi Inti Plastindo (ESIP) dropped 10.38%, Lancartama Sejati (TAMA) declined 9.03%, and Citra Buana Prasida (CBPE) slid 8.94%.

Pilarmas Investindo Sekuritas attributed the rally to a two-week ceasefire agreement involving the United States, Israel, and Iran, which has opened a window for negotiations to end the conflict that has weighed heavily on global markets.

The brokerage noted that easing geopolitical tensions became the primary catalyst behind the rebound in Indonesian and regional equities.

US President Donald Trump had earlier agreed to pause military action for two weeks, just hours before a self-imposed deadline related to the reopening of the Strait of Hormuz. He also said Washington had received a 10-point proposal from Iran that could serve as a basis for peace negotiations.

Iran, meanwhile, reportedly agreed to reopen the Strait of Hormuz on the condition that all attacks cease, while Israel has also signaled acceptance of the temporary truce.

Beyond global factors, domestic sentiment also provided support. Investors welcomed FTSE Russell’s decision to maintain Indonesia’s status as a Secondary Emerging Market.

In its latest review, FTSE Russell has not yet placed Indonesia on its watchlist for reclassification, as it continues to monitor improvements in governance and market transparency. Despite ongoing efforts to enhance liquidity, the next evaluation is scheduled for mid-2026 to assess any potential upgrade.

Across the region, Asian markets rallied sharply as oil prices tumbled following the ceasefire agreement and the reopening of the Strait of Hormuz.

Japan’s Nikkei soared 5.39% to 56,308, South Korea’s Kospi jumped 6.87% to 5,872, Hong Kong’s Hang Seng gained 3.09% to 25,893, and China’s Shanghai Composite rose 2.69% to 3,995.

Oil prices, which had surged at the onset of the conflict and disrupted a key global supply route, fell significantly. US crude dropped $18.23 to $94.72 per barrel, while Brent crude declined $16.43 to $92.84. Natural gas futures also plunged 20%.

Tim Waterer, chief market analyst at KCM Trade, said market sentiment had improved but remained cautious, noting that the ceasefire is only temporary.

He said investors are closely watching whether shipping through the Strait of Hormuz normalizes as expected and whether the fragile truce can lead to a more durable peace agreement.

On Wall Street, stocks ended mixed. The S&P 500 edged up 0.1%, the Nasdaq Composite gained 0.1%, while the Dow Jones Industrial Average slipped 85 points, or 0.2%, after Pakistan’s prime minister urged Trump to extend the ceasefire deadline and called on Iran to reopen the strait.

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