Rancak Media, JAKARTA — Indonesia’s technology sector index, IDXTECHNO, which encompasses leading companies such as PT Solusi Sinergi Digital Tbk. (WIFI) and PT DCI Indonesia Tbk. (DCII), showcased an extraordinary performance throughout 2025. This impressive surge inevitably prompts a crucial question: What does the future hold for this vibrant sector in 2026?
According to comprehensive data from the Indonesia Stock Exchange (BEI), IDXTECHNO experienced a remarkable ascent, soaring by an astounding 159.04% year-to-date (YTD) since its initial trading day in 2025. The index closed at 10,365.98 in yesterday’s trading session, Thursday (December 4, 2025), firmly establishing IDXTECHNO as the most dynamic and top-performing sectoral index of the year.
The robust rally observed in IDXTECHNO is a direct reflection of the stellar individual performances of many of its constituent stocks, several of which have achieved “multibagger” status, signifying returns of several hundred percent. For instance, shares of WIFI have skyrocketed by an astonishing 831.71% YTD, while DCII shares have witnessed a significant jump of 503.33% YTD.
Further contributing to the index’s strong showing, PT Multipolar Technology Tbk. (MLPT) recorded an impressive 291.35% increase YTD, and PT Elang Mahkota Teknologi Tbk. (EMTK) saw its shares climb by a solid 170.33% YTD.
Looking ahead to 2026, Muhammad Farras Farhan, a Senior Research Analyst at Mirae Asset Sekuritas Indonesia, suggests that while a sector rotation towards other segments of the market is plausible, IDXTECHNO is poised to maintain its growth trajectory, propelled by a series of compelling sentiments.
“For the technology sector, the pivotal factor to closely monitor in 2026 will be the ongoing speculation surrounding a potential merger between GOTO [PT GoTo Gojek Tokopedia Tbk.] and Grab,” Farras highlighted.
He underscored the fact that GOTO shares carry a substantial weighting within the IDXTECHNO index. Consequently, any corporate action or development concerning GOTO would inevitably exert significant influence over the overall performance of the technology stock index.
“Should the merger discussions advance, it would undoubtedly serve as a defining moment, fundamentally reshaping the future landscape of technology investment,” Farras added, emphasizing the potential impact.
The notion of a GOTO-Grab merger is not a recent phenomenon, with similar rumors having circulated as early as 2024. However, momentum around this merger issue intensified notably in November 2025, following statements from the State Secretary Minister (Mensesneg), Prasetyo Hadi, who indicated that a Presidential Regulation (Perpres) pertaining to online ride-hailing services was nearing its final stages of completion.
Despite the various positive catalysts, Farras advises investors to meticulously scrutinize the fundamental aspects of profitability and sustainability when assessing the long-term prospects of technology stocks.
Echoing similar sentiments, Fath Aliansyah Budiman, Head of Investment Specialist at Maybank Sekuritas, acknowledged that technology stocks have indeed experienced considerable appreciation, with DCII remaining a principal contributor to this upward trend. “The narrative of this market surge is not exclusive to Indonesia; other global markets, such as China, have also witnessed comparable developments,” Fath explained.
He further elaborated that significant gains in U.S. technology stocks have prompted a rotation of investment capital towards emerging markets. Nevertheless, Fath pointed out that Indonesia still presents a somewhat limited selection of large-capitalization and highly liquid technology stocks for investors.
Maximilianus Nico Demus, Associate Director of Investment and Research at Pilarmas Investindo Sekuritas, also affirmed the impressive upward movement of several technology stocks since the commencement of the year. However, for investors with a long-term outlook, Nico stresses the imperative of thoroughly examining a company’s fundamental strengths and carefully calculating its potential future valuation.
Disclaimer: This news article is not intended as an invitation to buy or sell shares. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
The Indonesian technology sector index, IDXTECHNO, demonstrated extraordinary performance in 2025, soaring by 159.04% year-to-date and becoming the top-performing sectoral index. This robust rally was driven by substantial gains in constituent stocks like WIFI and DCII. For 2026, the sector is anticipated to maintain its growth trajectory, with a potential merger between GOTO and Grab identified as a pivotal factor.
Given GOTO’s significant weighting in IDXTECHNO, any corporate action related to this merger would considerably influence the index’s performance and reshape the technology investment landscape. Despite positive catalysts, analysts caution investors to meticulously scrutinize fundamental aspects of profitability, sustainability, and future valuation when assessing long-term prospects for technology stocks.
