Prabowo Hails Indonesia’s Stock Market Milestone, Urges Focus on Economic Fundamentals
President Prabowo Subianto has lauded the Indonesian Composite Stock Price Index’s (IHSG) recent surge past the 8,000-point mark, calling it a remarkable achievement for the national economy. He cautioned his administration, however, against complacency, emphasizing the continued need to fortify the nation’s underlying economic structure.
“The IHSG has grown to exceed 8,000, the highest in the history of our republic. This is beyond expectations, and I believe it is the result of the hard work of ministers in the economic field,” Prabowo stated during his opening remarks at a Plenary Cabinet Meeting at the State Palace on Monday (October 20th).
He further noted that the record-breaking IHSG level reflects increasing market confidence in Indonesia. Nevertheless, he stressed that the strength of the national economy is more critical than mere stock index movements. The President’s remarks highlight a commitment to sustainable economic growth beyond market speculation.
“We are often told that the IHSG reflects investor confidence. Apparently, we have managed to reach the highest point. But I always remind everyone, don’t just focus on stock prices; what’s most important is that our economic foundations remain strong,” he asserted. This statement underscores the government’s focus on long-term economic stability.
Notably, the IHSG initially breached the 8,000 threshold on Friday, August 15th, coinciding with Prabowo’s state address at the DPR/MPR Building. Although the index briefly weakened by 0.41 percent to 7,898.37 by the close of trading that day, the overall positive trend has persisted.
As of Monday afternoon, the IHSG had rebounded strongly, gaining 2.19 percent to reach 8,088. Market activity was robust, with 510 stocks advancing, 183 declining, and 117 remaining unchanged. The total transaction value reached Rp 22.74 trillion, with a market capitalization now recorded at Rp 14,277 trillion. This substantial market activity reinforces the positive sentiment surrounding the Indonesian economy.