Jakarta. Jakarta Composite Index (JCI) opened higher on Thursday, rising 32 points, or 0.39%, to 8,154, with early trading confined to a range of 8,140 to 8,204 as investors awaited key economic signals.

In the opening minutes, trading volume reached 3.14 billion shares, generating turnover of Rp 1.68 trillion ($99.95 million) across more than 204,000 transactions. Gainers outnumbered decliners 348 to 166, while 166 stocks were unchanged.

Kiwoom Sekuritas Indonesia estimated Indonesia’s 2025 economic growth at around 5.07%, slightly below the state budget target of 5.2%, while fourth-quarter GDP is projected to strengthen to between 5.25% and 5.45%. Market participants are awaiting official confirmation from the Central Statistics Agency due later Thursday. Growth in 2026 is forecast at 5.1%–5.2%, though external risks from China’s slowdown and US tariffs remain.

Amid the macro backdrop, the Indonesia Stock Exchange reaffirmed its target of 50 initial public offerings in 2026, including six jumbo or lighthouse listings, even as the new 15% minimum free float rule will only take effect after the rule-making process is completed. The bourse has identified an early pipeline of two lighthouse issuers from the infrastructure sector and is continuing coordination with the sovereign wealth fund Danantara regarding potential state-owned enterprise corporate actions.

Regulators are also moving toward a gradual three-year implementation of the 15% minimum free float requirement, prioritizing 49 of the largest listed companies, representing nearly 90% of market capitalization, as a pilot project. At the same time, authorities are tightening IPO standards, strengthening issuer supervision, and enhancing transaction monitoring and disclosure enforcement, including unusual market activity alerts and potential suspensions when necessary.

Kiwoom Research noted that foreign investors recorded a sizeable net sell of Rp 1.44 trillion across the market, reversing roughly Rp 500 billion in net buying seen a day earlier and signaling lingering market risk ahead of the GDP release. The brokerage said investors are likely to maintain a wait-and-see stance, focusing only on fundamentally strong stocks without free-float issues and those supported by positive earnings-season sentiment.

Overseas, Wall Street closed mixed on Wednesday as technology shares continued to slide. The S&P 500 fell 0.5% for its fifth loss in six sessions, the Dow Jones Industrial Average rose 260 points, or 0.5%, and the Nasdaq Composite dropped 1.5%, with tech weakness weighing on the broader index despite more gainers than losers.

Across Asia on Thursday, Japan’s Nikkei slipped 0.007% to 54,289, South Korea’s Kospi fell 2.2% to 5,251, Hong Kong’s Hang Seng declined 0.82% to 26,627, and China’s Shanghai Composite dropped 0.66% to 4,075.

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