December 3, 2025 | 04:33 pm
TEMPO.CO, Jakarta - Director General of the Indonesia Stock Exchange (IDX), Iman Rachman, said the Indonesia Composite Index (IHSG) set a record 22 times with a market capitalization of Rp15,813 as of December 2. Of that amount, Iman said 21 records were set during the term of Finance Minister Purbaya Yudhi Sadewa, while one record was set during Sri Mulyani's tenure as Finance Minister.
Iman said that the IHSG increased by 20.18 percent throughout 2025, reaching 8,617. He said this condition arose from changes in investors' perceptions of the current economy.
"Twenty-one of them were during the new finance minister's era. So we can imagine the impact of investors' perceptions of our economy," he said during a meeting with the House Commission XI (DPR) in the Parliament Complex, Senayan, on Wednesday, December 2, 2025.
Until November 28, 2025, Iman said there were already 24 companies listed on the stock exchange. Therefore, the current number of listed companies on the exchange is 954 issuers.
Meanwhile, Iman said the total funds are recorded at Rp223.1 trillion. This amount consists of stock at Rp15.2 trillion, bonds/debts at Rp289.4 trillion, and others at Rp18.5 trillion.
Purbaya previously joked that IHSG could reach 36,000. Meanwhile, when he took office on September 8, 2025, IHSG was still at 7,766.8. "Despite only working for one month, there are already results. Don't let your friends be disappointed. There are already results. The IHSG has risen sharply," he said at the Investor Daily Summit 2025 at the Jakarta International Convention Center, October 9, 2025.
However, during the change of Finance Ministers from Sri Mulyani Indrawati to Purbaya Yudhi Sadewa on September 8, 2025, the IHSG plummeted. At that time, the IHSG closed lower by 100.49 points or 1.28 percent to 7,766.84.
Senior Investment Information Mirae Asset Securities Indonesia Nafan Aji Gusta said it would require hard work for the government to push the IHSG to 36,000 by 2035. Nafan said the IHSG target could be achieved if the government maintains market conditions and prevents crises. "It certainly requires an extraordinary effort," Nafan said when contacted by Tempo on Thursday, September 18, 2025.
Nafan said the target is normal if the government can also create economic growth of 8 percent. However, such growth also requires conditions, namely, to drive investment and strengthen domestic consumption. "Of course, the government's commitment to create new economic growth is necessary," he said.
Nevertheless, Nafan said Mirae Asset projects that the IHSG will only park at 10,500. This projection has also taken into account global uncertainties, such as a trade war. "I also take into account global uncertainties," he said.
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