Jakarta. Indonesia’s benchmark stock index reclaimed the 6,100 level at Monday’s opening, tracking a rally across Asian markets as easing tensions in the Middle East drove oil prices lower and lifted investor sentiment.

Jakarta Composite Index (JCI) jumped 111 points, or 1.81%, to 6,118 in early trading, moving within a range of 6,118 to 6,187.

Within the first five minutes of trading, total volume reached 2.44 billion shares, with turnover amounting to Rp 1.65 trillion ($92.7 million) across more than 155,000 transactions. Gainers outpaced losers by 515 to 72, while 116 stocks were unchanged.

According to Phintraco Sekuritas, investors are closely watching this week’s monetary policy decisions, including the Federal Reserve’s June 17 meeting, the first under the leadership of Chairman Kevin Warsh, as well as rate decisions from the Bank of Japan, the Reserve Bank of Australia, and the Bank of England.

The brokerage said markets are also monitoring progress in US-Iran negotiations, with growing optimism over a peace agreement expected to improve the global energy supply outlook and ease pressure on oil prices.

Signs of a breakthrough between Washington and Tehran pushed crude prices below $90 per barrel late last week, a development that could help Indonesia reduce pressure on its state budget deficit, according to Phintraco Sekuritas.

Investors are also awaiting MSCI’s Global Market Accessibility Review and the FTSE index rebalancing, both scheduled for June 19.

Domestically, market participants are monitoring the government’s budget efficiency measures and adjustments to the development targets for the Merah Putih Village Cooperatives (Kopdes) program.

Phintraco Sekuritas expects Bank Indonesia to raise the benchmark BI Rate by 25 basis points to 5.75% at its Board of Governors Meeting on June 18.

Asian markets rallied after the US and Iran announced an agreement to end hostilities and reopen the Strait of Hormuz, easing concerns over disruptions to global oil supplies.

Brent crude fell $3.45 to $83.88 per barrel in early trading, while US benchmark crude dropped $3.95 to $80.93 per barrel.

South Korea’s Kospi surged 5.6%, while Hong Kong’s Hang Seng gained 1.24% and China’s Shanghai Composite rose 1.22%.

Wall Street also closed higher on Friday, with the S&P 500 rising 0.5% for its 10th weekly gain in 11 weeks. The Dow Jones Industrial Average climbed 0.7%, while the Nasdaq Composite added 0.3%.