Jakarta Shares Rise Following Finance Minister Purbaya Moves
Jakarta. Indonesia’s benchmark Jakarta Composite Index (JCI) closed in the green on Thursday, gaining 27.2 points or 0.34 percent to 8,071. The index moved between 8,059 and 8,109 throughout the session.
RTI data showed 42.8 billion shares traded with a turnover of Rp 26.4 trillion ($1.6 billion) across 2.6 million deals. Market breadth was mixed, with 321 stocks advancing, 337 declining, and 138 unchanged, leaving overall market capitalization at Rp 14,966.7 trillion (approx. $884 billion).
Analysts credited fresh policy moves by Finance Minister Purbaya Yudhi Sadewa, who replaced Sri Mulyani less than a month ago, for supporting market confidence. “So far, Pak Purbaya’s steps remain positive for the JCI,” said Kiwoom Sekuritas equity researcher Abdul Azis Setyo Wibowo, noting that stimulus measures must be closely monitored to avoid misuse.
Abdul added that Purbaya’s stance aligns with Bank Indonesia’s recent policy rate cuts, which are expected to lower borrowing costs and encourage corporate expansion. The JCI gained 2.94 percent in September, hitting an all-time high of 8,126 on Sept. 24, supported by these fiscal and monetary measures.
Since taking office on Sept. 8, Purbaya has announced a Rp 200 trillion capital injection into state-owned lenders, pledged to hold tobacco excise steady in 2026, and vowed to pursue 200 major tax delinquents with Rp 60 trillion in arrears.
Separately, lawmakers passed a long-awaited amendment to the State-Owned Enterprises Law, elevating the SOEs Ministry into a standalone agency. The IDX BUMN20 index fell 0.21 percent to 358.48, dragged by declines in Aneka Tambang (-2.49 percent), Bank Rakyat Indonesia (-1.84 percent), and Semen Indonesia (-1.77 percent). Gainers were led by Bank Raya (+3.2 percent) and Telkom Indonesia (+2.94 percent).
Across Asia, regional markets tracked Wall Street’s record run. Seoul’s Kospi jumped 2.7 percent after Samsung Electronics and SK Hynix sealed a chip-supply deal with OpenAI, while Tokyo’s Nikkei rose 0.9 percent and Hong Kong’s Hang Seng added 1.7 percent.
On Wall Street, the S&P 500 hit another record high, rising 0.3 percent to 6,711.20, while the Dow Jones and Nasdaq also closed at fresh peaks.
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