Finance Minister Purbaya Yudhi Sadewa has attributed the Jakarta Composite Index (JCI)’s recent record-breaking performance, reaching 8,602 today, Wednesday (November 26), to burgeoning confidence in the government. According to Purbaya, investors are increasingly placing their trust in the government’s ambitious optimism for an 8% economic growth target by 2029.
Purbaya further elaborated that capital market investors hold a strong belief in the government’s commitment to executing strategic national programs designed to accelerate the nation’s economic expansion. This prevailing optimism is a crucial factor, as national economic growth typically correlates with a positive movement in stock prices across the capital market.
“To the moon, to the moon,” Purbaya exclaimed at the Office of the Coordinating Ministry for Economic Affairs on Wednesday (November 26). “It’s simply not possible for capital market investors to purchase shares if they don’t believe the economy will grow. While it’s true that the value of some manipulated stocks has risen, the prices of other company shares have also climbed significantly. If investors weren’t optimistic, the JCI would not have reached 8,600.”
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Delving into the trading data from the Indonesia Stock Exchange (IDX), today’s trading volume reached a remarkable 53.86 billion shares, with transaction frequency totaling 2.70 million times. The market capitalization stood at an impressive Rp 15,741 trillion, while the total transaction value by midday amounted to Rp 26.67 trillion. On the market floor, 293 stocks saw gains, 365 experienced corrections, and 149 remained unchanged.
Despite the JCI setting a new record, Purbaya stated that the government would not yet introduce incentives for the capital market. He indicated that the Indonesia Stock Exchange has not demonstrated concrete action in terms of penalizing individuals involved in “stock manipulation”—a practice commonly referred to as “gorengan” in the local market.
In the capital market, “manipulated stocks” or “gorengan” are characterized by prices not driven by fundamental data but rather by short-term buying and selling activities aimed at artificially inflating or deflating values. This phenomenon often leads to investment activities on the exchange being perceived as not reflecting genuine long-term investment strategies.
“We are not yet going to provide incentives to the stock exchange, because I have not seen the regulator impose penalties on those who manipulate stocks,” he reiterated, emphasizing the importance of market integrity and regulatory oversight.
The JCI’s ascent today was notably propelled by a significant surge in energy sector stocks, which collectively rose by 2.34%. Among the top performers were PT Rukun Raharja Tbk (RAJA), which soared by 19.82% or 1,075 points to reach 6,500, along with PT Raharja Energi Cepu Tbk (RATU), which jumped 11.76% or 1,200 points to 11,400. Additionally, PT Bumi Resources Tbk (BUMI) saw a robust increase of 10.17% or 24 points, closing at 250.
Aligning with the index’s overall gain, nine out of the eleven sectors listed on the IDX closed in positive territory. The energy sector registered the highest increase, closely followed by a commendable rise in financial sector stocks. Interestingly, despite the financial sector gaining 1.96% overall, the share prices of large “jumbo” banks remained relatively flat, indicating a nuanced performance within the broader rally.
Summary
The Jakarta Composite Index (JCI) reached a new record of 8,602 on November 26, a performance attributed by Finance Minister Purbaya Yudhi Sadewa to burgeoning investor confidence in the government. Investors are optimistic about the government’s ambitious 8% economic growth target by 2029 and its commitment to strategic national programs. Purbaya highlighted that such market movements signify a strong belief among investors in future economic expansion.
Trading on the IDX saw 53.86 billion shares exchanged, with 293 stocks gaining and a market capitalization of Rp 15,741 trillion. The JCI’s surge was significantly propelled by a 2.34% rise in the energy sector, with nine out of eleven sectors closing in positive territory. However, the government will not provide capital market incentives yet, as the Indonesia Stock Exchange has not shown concrete action in penalizing “stock manipulation” or “gorengan.”
