Jakarta. Indonesia’s stock market rallied to a new high on Wednesday, driven by growing investor confidence in the government’s pro-growth economic direction following the appointment of Finance Minister Purbaya Yudhi Sadewa.
Jakarta Composite Index (JCI) closed higher on Wednesday, gaining 76.61 points or 0.93 percent to finish at 8,318, after moving within a range of 8,181-8,318 throughout the session.
Trading volume reached 35.26 billion shares, with a turnover of Rp 18.51 trillion ($1.11 billion) across 2.2 million transactions. A total of 284 stocks advanced, 357 declined, and 168 were unchanged.
The JCI has now broken record highs six times since Purbaya Yudhi Sadewa was appointed as Finance Minister, underscoring strong market optimism over Indonesia’s pro-growth economic direction under the new administration.
Indonesia Stock Exchange (IDX) President Director Iman Rachman said the market has responded positively to government policies aimed at sustaining stability and boosting growth. As of early November, the index had risen 16.7 percent year-to-date, despite foreign outflows totaling around Rp 40 trillion.
“It’s quite remarkable since Purbaya took office, the JCI has hit all-time highs six times. From January to September, it only happened once. This reflects growing market confidence in the government’s pro-growth stance,” Iman said during the Investor Trust Economic Outlook 2026 event in Jakarta on Wednesday.
Iman noted that investor optimism was further supported by a surge in market participation. As of October, the number of investors in the IDX reached 19 million, with 232,000 active daily investors, the highest since the pandemic.
“We’ve been adding over two million investors each year since Covid-19. Now, it’s not just about quantity, the quality of investors is improving too,” he added.
Despite a net foreign sell of Rp 41.8 trillion this year, Iman stressed that global investors remain active in Indonesian markets.
“I’m skeptical of the notion that Indonesia is losing its appeal to foreign investors. They’re still actively trading. Even with net sells, Indonesia remains a key market,” he said.
Looking ahead, Iman highlighted the need to strengthen domestic institutional investor participation, particularly from insurance and pension funds. The IDX expects new capital inflows from these institutions to enter the market in early 2026.
He added that the bourse is shifting focus from quantity to quality in IPO listings. As of the fourth quarter of 2025, 23 companies had gone public, with another 13 in the pipeline, targeting a total of 36 IPOs by year-end.
“Investors now value quality over quantity. That’s why we’re introducing the lighthouse IPO concept, companies with a minimum market cap of Rp 3 trillion, free float of 15 percent, and IPO proceeds of at least Rp 700 billion,” he explained.
The index’s rebound was also fueled by Indonesia’s solid economic growth in the third quarter. The Central Statistics Agency (BPS) reported a GDP expansion of 5.04 percent year-on-year in Q3 2025, with real GDP reaching Rp 3,444.8 trillion, up from Rp 3,279.5 trillion a year earlier.
Asian markets, however, were mixed on Wednesday, following a sell-off in US tech stocks overnight. Japan’s Nikkei fell 2.5 percent to 50,212.27 after an early plunge of nearly 5 percent, while South Korea’s Kospi lost 2.9 percent to 4,004.42. The Shanghai Composite edged up 0.2 percent to 3,969.25, and Hong Kong’s Hang Seng slipped 0.1 percent to 25,935.41.
On Wall Street, the S&P 500 fell 1.2 percent as Big Tech stocks including Nvidia and Microsoft dragged the broader market lower, though the index remains up more than 15 percent for the year.
