Jakarta Stocks Edge Higher Amid Global Oil Price Surge
Indonesia's Jakarta Composite Index (JCI) edged higher on Wednesday, reaching a gain of 8 points or 0.12% to close at 6,678.
The index had traded between 6,642 and 6,707 during the session, with trading volume reaching 34.5 billion shares and turnover totaling Rp 16.16 trillion ($923.27 million).
Pilarmas Investindo Sekuritas attributed the market's movement to renewed oil price gains toward $100 a barrel, which raised concerns over inflation and limited room for central banks to ease monetary policy.
Oil prices surged after US forces destroyed five Iranian crude oil tankers near Kharg Island in retaliation for an attempted missile attack on US warships.
The situation has escalated further with Iran launching ballistic missiles toward Jordan, issuing warnings to ships in the Persian Gulf, and crew members aboard oil tankers near ports in Kuwait and Bahrain being warned.