Ubud, Bali. Indonesia’s capital market has seen a sharp rise in recent months, reflected in rapid growth in the number of investors, daily trading value, the benchmark stock index, and especially market capitalization. With market cap now at Rp 15,316 trillion ($915 billion) -- equal to 69.18 percent of GDP -- regulators believe the national target of 70 percent of GDP by 2027 may be achieved much sooner.

“Under the National Medium-Term Development Plan 2029, the target was 68 percent of GDP. Thankfully, we have already reached 69.18 percent. In our own roadmap for 2022–2027, we set a target of 70 percent of GDP. We are very close -- hopefully we will reach 70 percent before the end of the year,” said Inarno Djajadi, Chief Executive for Capital Market, Derivatives, and Carbon Exchange Supervision at the Financial Services Authority (OJK), speaking in Ubud over the weekend.

Largest Market Cap in Southeast Asia
Deputy Commissioner for Capital Market Investment Management Supervision Eddy Manindo Harahap noted that Indonesia’s market capitalization -- $915 billion -- is now the largest in Southeast Asia, surpassing Singapore ($563 billion), Thailand ($500 billion), Malaysia ($462 billion), Vietnam ($343 billion), and the Philippines ($222 billion). However, Indonesia still ranks fifth in the region in terms of market cap-to-GDP ratio, behind Malaysia, Singapore, Thailand, and Vietnam.

“Indonesia’s financial market has made strong progress, but still has significant room to grow compared with other Asian markets,” Eddy said.

According to OJK’s Capital Market Roadmap 2023–2027, the medium-term targets include:

- market cap above Rp 15,000 trillion or 70 percent of GDP
- average daily trading value Rp 25 trillion
- managed funds Rp 1,000 trillion
- 1,100 listed companies
- more than 20 million investors

Record-Breaking Year for IDX
Indonesia Stock Exchange (IDX) data as of 14 November shows:

- market cap Rp 15,316 trillion
- benchmark index up 18.23 percent year to date to 8,370
- 955 listed companies
- 19.32 million investors, up 29.91 percent year on year
- average daily trading value Rp 16.6 trillion
- managed funds Rp 986.23 trillion

“These are the pillars of Indonesia’s capital-market development. Some targets have been met, some are very close, and a few remain challenging,” Eddy said. “In terms of market cap-to-GDP, we have strong potential, and we must make the most of it.”

IDX President Director Iman Rachman said the stock market has posted 13 new all-time-high records so far in 2025 -- including 10 record-breaking days during October and November alone.

Daily stock trading value has already exceeded the IDX’s 2025 internal target of Rp 13.25 trillion, supported by 228,000 active daily investors.

Iman noted that foreign investors have also returned to the market after months of capital outflows, recording nearly Rp 13 trillion in net buying over the past month.

“Foreign investors still record year-to-date net sell Rp 41.8 trillion, but what is interesting is that in the past month they booked almost Rp 13 trillion in net buy. So there is a positive shift in foreign sentiment,” he said.

According to IDX, there are 23,417 foreign investors in the Indonesian stock market today, with total assets reaching Rp 3,864 trillion ($231 billion).

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