JAKARTA – Finance Minister Purbaya Yudhi Sadewa sparked optimism at a recent Financial Forum, playfully suggesting that Indonesia’s benchmark stock index, the Jakarta Composite Index (IHSG), could breach the 8,650 level today, Wednesday, December 3, 2025.
Speaking at the prestigious Financial Forum held at the Indonesia Stock Exchange (BEI) in Jakarta, Purbaya expressed confidence that the IHSG could surpass 8,600 as market participants absorbed the insights from the high-level discussion. The forum brought together a formidable lineup of financial leaders, including Deputy Senior Governor of Bank Indonesia (BI) Destry Damayanti, Chairman of the Financial Services Authority (OJK) Mahendra Siregar, Chairman of the Deposit Insurance Corporation (LPS) Anggito Abimanyu, and Chairman of House of Representatives Commission XI, Mukhamad Misbakhun.
“Perhaps they haven’t fully listened to our discussion here yet. I am confident that after our discussion, the index will already have climbed to 8,650,” Purbaya asserted during the event at the BEI, Jakarta, on Wednesday, December 3, 2025.
Beyond the optimistic market outlook, the forum also delved into critical discussions, notably the ongoing revision process for the Law on Financial Sector Development and Strengthening (P2SK). According to Mukhamad Misbakhun, the Chairman of House of Representatives Commission XI, the recent transition of the Finance Minister from Sri Mulyani Indrawati to Purbaya Yudhi Sadewa marks a pivotal moment for re-evaluating and amending the P2SK Law, which was originally enacted in 2023.
Misbakhun, a politician from the Golkar Party, elaborated on the initial impetus behind the P2SK Law revision. He explained that the process began following a Constitutional Court (MK) ruling on a judicial review concerning the investigative authority of the Financial Services Authority (OJK) in the financial sector, as well as the budget formulation powers of the Deposit Insurance Corporation (LPS).
However, Misbakhun acknowledged that parliament perceived an opportune moment to refine the existing P2SK Law, passed in 2023, even further. This renewed push for revision is driven by factors such as the change in Finance Minister and the imperative to foster higher economic growth. He stated, “Moreover, this law was revised when the previous Finance Minister was in office, and this current revision is under the new Finance Minister. This presents an intriguing opportunity, as the next task is to steer the economy towards an 8% growth target.”
Reinforcing the bullish sentiment, earlier reports from Bisnis indicated that the IHSG was indeed poised to test the 8,650 level in today’s trading, Wednesday, December 3, 2025. Key stock picks highlighted included EMTK, TOWR, and ADMR. Phintraco Sekuritas Research Team provided technical justification for this forecast, pointing to the formation of a positive histogram on the MACD indicator, coupled with the potential for a Golden Cross on the Stochastic RSI within the pivot area. “Therefore, we anticipate the IHSG has the potential to test the 8,650 level in today’s trading,” Phintraco Sekuritas affirmed on Wednesday, December 3, 2025.
Summary
Finance Minister Purbaya Yudhi Sadewa optimistically predicted the Jakarta Composite Index (IHSG) could reach 8,650 on December 3, 2025. This forecast was made at a Financial Forum at the Indonesia Stock Exchange, where he expressed confidence in the market’s positive response to high-level discussions. Technical analysis from Phintraco Sekuritas further supported this outlook, indicating the potential for IHSG to test the 8,650 level based on positive market indicators.
The forum additionally delved into the ongoing revision of the Law on Financial Sector Development and Strengthening (P2SK). This revision is deemed crucial, prompted by the recent change in Finance Minister and a Constitutional Court ruling regarding the powers of OJK and LPS. Parliament intends to use this opportunity to refine the P2SK Law further, with the ultimate goal of achieving an 8% economic growth target.
