January 11, 2026 | 05:02 pm
TEMPO.CO, Jakarta - The Executive Head of Capital Market Supervision, Financial Derivatives, and Carbon Exchange Executive Agency, Financial Services Authority (OJK) Inarno Djajadi, commented on the recent surge of the Indonesia Composite Index (IHSG). He believes that the prospect of the index reaching the 10,000 level this year needs to be supported by a solid national economic foundation and the role of domestic investors.
He stated, "Certainly, if Indonesia's economic fundamentals are solid and the role of domestic investors increases, it seems that such a level is not unattainable." This was during a virtual press conference in Jakarta on Friday, January 9, 2026, as quoted from Antara.
He also emphasized the importance of noting that the index movement is influenced not only by the fundamental factors of the issuers themselves but also by various other factors, both from domestic and global sources. Vigilance and good risk management are still necessary for investment decisions.
From a regulatory perspective, OJK continues to ensure that the market operates in an orderly, fair, and efficient manner. He added, "We also encourage the creation of a healthy, integrity-based capital market ecosystem so that the potential growth of the index and other instruments can be achieved sustainably, not just due to short-term momentum."
Some of the policies in the stock market that need attention include improving the quality of issuers through adjustments to the free float stock limit rules and increasing the role of institutional investors, both global and domestic.
Specifically regarding the free float policy, Inarno said it is a policy to deepen the market with a long-term spectrum. Therefore, careful consideration and involvement of all stakeholders, including associations and institutional investors, are necessary in its formulation.
OJK, together with the Indonesia Stock Exchange (IDX), is currently evaluating and refining the free float policy comprehensively. The policy will consider aspects such as increased liquidity, investor protection, investor interest, market cap size, market absorption capacity, appropriate transition periods, and efforts to maintain domestic corporate interest to go public.
"Taking into account market conditions and dynamics, we plan to issue this free float policy in 2026, gradually," said Inarno.
Previously, IHSG closed at 8,646.94 on December 30, 2025, strengthening by 1.62 percent month-to-month (mtm) or 22.13 percent year-on-year (yoy). Throughout 2025, IHSG set an all-time high record 24 times.
The highest level of IHSG in 2025 was recorded at 8,710.70 on December 8, 2025, with the market capitalization reaching its highest level of Rp16,000 trillion on the same date.
Meanwhile, IHSG closed at 8,936.7 in trading this week, up by 2.16 percent compared to the previous week at 8,748.1.
"Stock trading data on IDX during the period of January 5-9, 2026, closed in the positive zone," said the Corporate Secretary of Indonesia Stock Exchange PT, Kautsar Primadi Nurahmad, in an official statement on Friday, January 9, 2026. This week, IHSG recorded an all-time high by reaching the level of 8,994.8 at the close on Wednesday, January 7, 2026.
Finance Minister Purbaya Yudhi Sadewa previously expressed confidence that IHSG would continue its strengthening trend in 2026 after breaking the record high of 9,000.54 in trading on Thursday last week. He also noted that the achievement reflects the increasing confidence of investors in the foundation of the Indonesian economy. The improvement in investor sentiment is seen to directly impact the performance of listed companies on the exchange, ultimately driving market valuation up.
Over the past three months, according to Purbaya, the flow of funds from both domestic and global investors into the Indonesian capital market has continued to be positive. "So if we look at the past three months, it has been consistently positive flow to us. This shows that there is an improvement in investor sentiment, both domestic and global, towards the Indonesian economy, which we must continue to maintain in the future. So, that's why reaching 10,000 this year won't be too difficult," he said.
Read: IHSG Gains 2.16% This Week After Record-High at 9,000
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