Jakarta. Jakarta Composite Index (JCI) has climbed 21.6 percent year to date as of Monday, fueling optimism that the index could break through the 9,000 level before the end of the year.

Financial Service Authority (OJK) Capital Market, Derivatives Finance, and Carbon Exchange Chief Executive Inarno Djajadi said the rally throughout 2025 has been supported by relatively solid domestic economic fundamentals. “OJK sees the strengthening of the JCI in 2025 as being driven by relatively solid domestic economic fundamentals, including maintained economic growth and financial sector stability,” Inarno said.

Inarno added that the regulator remains optimistic about the market’s trajectory but emphasized that OJK does not set a specific index target. “We do not determine a certain index level. Our focus is on strengthening the capital market ecosystem and maintaining market stability and integrity amid still-fluctuating global dynamics,” Inarno said.

Inarno also warned investors to stay cautious despite the positive trend. “Optimism toward the market still needs to be balanced with awareness of short-term volatility and good risk management by investors,” he said.

By the close of the first trading session on Monday, the JCI stood at 8,710, up from around 7,163 at the start of 2025. The benchmark has recorded 22 all-time highs so far this year, achieved across the tenures of two finance ministers, Sri Mulyani Indrawati and Purbaya Yudhi Sadewa.

The rally during Purbaya’s tenure has been driven by market expectations for Indonesia’s economic outlook, with the JCI posting solid gains on a year-to-date basis.

Meanwhile, foreign investors’ net sell has narrowed to Rp 29.52 trillion ($1.77 billion) so far this year. Inarno noted that cumulative foreign net selling had previously reached around Rp 59 trillion.