JAKARTA – The Financial Services Authority (OJK) has released its report on the performance of the Indonesian capital market as of April 2026. While the Jakarta Composite Index (JCI) has faced a challenging period, experiencing a correction of nearly 20 percent year-to-date, the market has simultaneously seen a remarkable surge in retail participation, with the number of stock investors growing by 30 percent.
During the monthly Board of Commissioners meeting held online on Tuesday, May 5, 2026, Hasan Fawzi, Chief Executive of Capital Markets, Derivatives, and Carbon Exchange at OJK, noted that the domestic market remains dynamic despite persistent global uncertainty and volatility. By the end of April 2026, the JCI closed at 6,956.80, reflecting a 1.3 percent month-to-month decline and a 19.55 percent correction year-to-date.
Despite the index’s decline, Hasan highlighted the underlying resilience and liquidity of the domestic market. The average bid-ask spread remained tight at 1.33 times, a clear indicator that market liquidity remains healthy and well-maintained.
In the bond market, the Indonesia Composite Bond Index (ICBI) demonstrated strength, closing at 436.38 by the end of April, up 0.74 percent month-to-month. This stability was supported by a 3.9 basis point average decline in Government Securities (SBN) yields. Furthermore, non-resident investors showed continued confidence, recording a net buy of Rp 8.8 trillion in the SBN market as of April 29, 2026.
The investment management industry also maintained positive momentum through April 2026. The Net Asset Value (NAV) of mutual funds reached Rp 711.89 trillion, reflecting growth of 2.32 percent month-to-date and 5.41 percent year-to-date. This growth was bolstered by consistent investor interest, with net subscriptions totaling Rp 8.11 trillion for the month and Rp 37.24 trillion for the year.
The most striking trend, however, is the rapid expansion of the investor base. Within the first four months of 2026 alone, the number of capital market investors grew by more than 30 percent. “The number of domestic investors continues to show significant growth, with an addition of 1.74 million new investors in April alone. This brings our total investor count to 26.49 million, an increase of 30.06 percent year-to-date,” Hasan explained.
OJK, in collaboration with the Indonesia Stock Exchange (BEI) and the Indonesian Central Securities Depository (KSEI), has also successfully completed four key reform agendas aimed at enhancing market transparency. These efforts have yielded international recognition; FTSE Russell maintained Indonesia’s status as a secondary emerging market on April 7, 2026, and did not place the country on its watchlist. Additionally, Morgan Stanley Capital International (MSCI) acknowledged the strategic steps taken by Indonesian authorities to strengthen transparency and integrity within the capital markets.
To further support this momentum, OJK has launched the PINTAR Mutual Fund program—an initiative for planned and periodic investments—designed to broaden the domestic investor base, particularly within the mutual fund sector.
On the regulatory front, OJK continues to enforce strict compliance within the capital market sector. As of April 2026, the regulator has imposed administrative sanctions on various parties, including fines totaling Rp 85.04 billion across 97 cases. Furthermore, penalties for late compliance have amounted to Rp 47.84 billion involving 180 parties.
Throughout April 2026 specifically, OJK issued administrative fines totaling Rp 22.26 billion for violations against capital market regulations. These sanctions involved one controlling shareholder, 12 directors, and two commissioners from various public companies, as well as three issuers, three securities firms, four public accountants, and two other parties. In addition to fines, OJK has also enforced two business license suspensions and one written order to ensure market integrity.
Summary
As of April 2026, the Indonesian capital market showed resilience despite a 19.55 percent year-to-date decline in the Jakarta Composite Index. Market liquidity remained stable, supported by a growing bond market and a 2.32 percent monthly increase in mutual fund net asset values. Notably, the investor base expanded significantly, reaching 26.49 million participants after a 30 percent growth in the first four months of the year.
International institutions, including FTSE Russell and MSCI, have recognized Indonesia’s ongoing efforts to enhance market transparency and integrity. To sustain this momentum, the OJK launched the PINTAR Mutual Fund program and continues to enforce regulatory compliance through administrative sanctions. These efforts have successfully maintained investor confidence and fostered a more robust domestic investment environment.