Indonesia stock market ends five-day rally amid Middle East tensions

After five consecutive sessions of gains that lifted the Jakarta Composite Index by about 340 points (roughly 5.9%), Indonesia's stock market reversed course on Wednesday. The index slipped 113.12 points, or 1.89%, closing at 5,873.37, just above the 5,870‑point level. Gains earlier in the week had been driven by financial, cement and resource stocks, but the recent decline saw housing and gold stocks fall sharply while energy stocks rose on the backdrop of higher oil prices.

The pullback was linked to renewed Middle East hostilities and the U.S. declaration that the U.S.–Iran cease‑fire was over, which pushed crude oil prices up by more than 4 percent. The turbulence rippled through global markets, with mixed performance on U.S. exchanges and a generally soft outlook for Asian equities.