Jakarta. Indonesia’s benchmark stock index briefly crossed the 8,000 mark for the first time on Friday as President Prabowo Subianto delivered his inaugural state address, pledging to keep the economy on a steady growth path while taking a jab at "greedy businessmen."

The Jakarta Composite Index (JCI) jumped as much as 1.03 percent to an all-time intraday high of 8,012.63 at 10:28 a.m. local time before closing at 7,931. The rally lifted the market capitalization to as high as Rp 14,503.29 trillion ($892 billion) during the session.

The surge came as Prabowo told lawmakers that Southeast Asia’s largest economy expanded 5.12 percent in the second quarter, and that growth could reach 5.4 percent in 2026, above this year’s projection of 5.2 percent. His proposed 2026 budget assumes inflation at 2.5 percent, the rupiah at Rp 16,500 per dollar, Indonesian crude oil at $70 a barrel, oil lifting of 610,000 barrels per day, and gas output equivalent to 984,000 barrels of oil per day.

On the development front, the government aims to lower unemployment to between 4.44 percent and 4.96 percent and reduce the poverty rate to 6.5 percent–7.5 percent.

“Despite geopolitical conflicts, trade wars, and global economic uncertainties, Indonesia has managed to grow above 5 percent,” Prabowo said during the annual session of the People’s Consultative Assembly at the parliamentary complex in Jakarta.

The former general also used the nationally televised address to promote his new catchphrase, “serakahnomics” --a blend of the Indonesian word serakah (greedy) and “economics”-- which he coined last month when accusing food cartels of draining Rp 100 trillion from the economy each year.

“As long as I’m president, never assume that the great and the rich can do whatever they want,” Prabowo said in a fiery tone. “We are not afraid of your greatness or wealth. Because your wealth comes from the Indonesian people. The government that I lead will not hesitate to defend the interests of the Indonesian people.”

On the global front, market players bet on the US Federal Reserve to cut interest rates as early as September. Investors will be closely watching Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium next week for clearer signals on the timing and size of the move.