Saham Gorengan Masih Jadi Sorotan, Purbaya Tagih Bukti Penangkapan

Jakarta, IDN Times – Indonesia’s Finance Minister, Purbaya Yudhi Sadewa, has announced a delay in the realization of capital market incentives that he previously outlined in October 2025. Sadewa clarified that these crucial incentives remain on hold due to a perceived lack of concrete action against perpetrators of stock manipulation, often referred to as ‘gorengan’ stocks. A fundamental condition for their rollout is tangible progress in eradicating such illicit practices within the capital market. Expressing his frustration, the Minister stated on Friday, November 21, 2025, “It cannot be executed yet. I haven’t seen any; how many manipulators have been caught? Are there any?”

Delving deeper into the issue, Purbaya emphasized that the Ministry of Finance stands ready to consider the implementation of these incentives once regulators demonstrate a serious commitment to improving trading practices within the capital market. However, the precise form and nature of these capital market incentives are still under discussion and have not yet been finalized. He added, “We will discuss it later, because they haven’t finished yet. We will see,” indicating that the resolution of market integrity issues is a prerequisite for further steps.

Echoing this sentiment and reinforcing the need for a robust market, Inarno Djajad, the Executive Head of Capital Market, Derivatives, and Carbon Exchange Supervision at the Financial Services Authority (OJK), underscored the paramount importance of consumer and investor protection. Djajad asserted that safeguarding investors is essential for preserving the overall integrity of the capital market, a stance he affirmed aligns perfectly with Minister Sadewa’s recent message. Speaking at the Main Hall of the Indonesia Stock Exchange (BEI) in Jakarta on Friday, October 17, Djajad reiterated, “In line with the Finance Minister’s message conveyed in a dialogue with capital market players last week, Mr. Purbaya stressed the importance of increasing public trust in the capital market. One way is by ensuring that transactions in the capital market are fair, orderly, and efficient.” This highlights the shared vision for a trustworthy and functional capital market.

Despite the current pause on incentives, the Indonesian capital market has shown encouraging signs, particularly in foreign investor activity. The Financial Services Authority (OJK) reported a significant foreign investor net buy of Rp12.96 trillion in the Indonesian stock market during October 2025. This figure resulted from cumulative foreign purchases totaling Rp179.61 trillion against sales of Rp166.63 trillion within the month. Inarno Djajad attributed this robust performance to “improving global sentiment and sustained domestic economic performance,” noting that the domestic capital market continued its positive trajectory in October 2025.

However, a broader look at the year-to-date (YTD) figures for 2025 reveals that foreign investors still recorded a net sell of Rp41.79 trillion. Nevertheless, October 2025 marked a historic moment for the Indonesian stock market, with its market capitalization briefly touching an all-time high (ATH) of Rp15,560 trillion. This period of strong growth also saw the average daily transaction value reach a new record of Rp25.06 trillion, underscoring the market’s dynamic activity and potential for future expansion, provided market integrity is upheld.