The Indonesia Stock Exchange (IDX) closed trading in 2025 with the Composite Stock Price Index (IHSG) at 8,646.94, up 22.10% compared to the start of trading on Thursday, January 2, 2025, at 7,163.21. Setting 26 all-time high (ATH) records , the highest JCI achievement was recorded on Monday (December 8, 2025), reaching 8,710.69.
This year, the IDX recorded 26 initial public offerings (IPOs) with a total fund collection value of Rp18.1 trillion. Six of these were Lighthouse IPOs. The six new issuers that conducted IPOs are listed under the stock codes RATU, CBDK, YUPI, EMAS, CDIA, and SUPA.
Indonesian Stock Exchange President Director Iman Rachman stated that 2025 will be a year of proving the resilience and readiness of the Indonesian capital market amid high domestic pressure and global uncertainty. Despite a number of sharp fluctuations, this year the Indonesian capital market has proven capable of maintaining stability and rebounding to achieve solid performance.
In the first half of 2025, we faced an escalation of trade wars, exchange rate volatility, and uncertainty. The IHSG experienced a correction at its lowest point, reaching 5,966, resulting in two trading halts in March and April. This crucial phase tested the readiness and resilience of our capital market," said Iman at the closing ceremony of the Indonesia Stock Exchange in Jakarta on Tuesday (12/30/2025).
Learning important lessons from these critical moments, the IDX took steps to engage in dialogue with market participants, allow buybacks without a General Meeting of Shareholders (GMS), and strengthen market supervision.
As a result, the IDX witnessed a recovery that not only set an ATH record, but also reached a capitalization of Rp15,810 trillion, a total increasein fundraising( ) of up to 27%, and a significant increase in the number of young investors under 40 years old reaching 20,324,592 people, with an average of 901,000 active investors conducting monthly transactions.
"From this dynamic, we learn that opportunities do not come twice. However, what is far more important is to take advantage of existing opportunities with readiness, timely responses, and collaboration through the enactment of adaptive regulations amid a volatile capital market, the strengthening of trading infrastructure, and the addition of stock liquidity provider products starting next year," he said.
Iman emphasized that, as a moment of reflection and appreciation for the support, the IDX is committed to continuing its synergy and collaboration with the OJK, KSEI, and KPEI as self-regulatory organizations ( SROs), issuers, and all stakeholders in the Indonesian capital market.
"Through product innovation, swift and measured responses from the OJK and SRO, as well as market players who consistently maintain discipline and trust in the IDX, we will build a solid foundation for recovery and move forward," concluded Iman.
Countdown to the Closing of the Indonesia Stock Exchange in Jakarta on Tuesday, December 30, 2025. Video: SUAR
Growing up in a storm
The Chief Executive of Capital Market, Derivatives, and Carbon Exchange Supervision at the Financial Services Authority (OJK), Inarno Djajadi, stated that the Indonesian capital market has successfully overcome challenges that tested its resilience and endurance, thereby driving growth and strengthening market fundamentals. Although it was pressured by negative global trade sentiment at the end of the first quarter of 2025, the IHSG proved capable of recovering and returning to a positive trend.
"The market capitalization value of IDR 15,810 trillion exceeded the capital market roadmap and RPJMN targets, with a market cap to GDP ratio of 71.41%. Fundraising also grew positively, reaching Rp268.14 trillion from 210 public offerings with 18 new issuers and 2 new EBUS issuers. This achievement exceeded our fundraising target of Rp220 trillion," said Inarno proudly.
The President Director of IDX for 2018-2022 explained that the investment management industry's performance portfolio this year has increased sharply, with managed funds growing by 24.16% to reach IDR 1,039 trillion. The volume of carbon trading transactions, which reached 1.6 million tons of CO2 equivalent, generated a transaction value of Rp80.75 billion, while derivative financial transaction activity reached 997,180 lots.
To oversee these achievements, OJK has finalized and issued various strategic policies that are expected to strengthen Indonesia's capital market and deepen market liquidity. The three main policies issued by OJK in 2025 to strengthen capital market supervision include:
- OJK Regulation Number 1 of 2025 concerning Securities-Based Financial Derivatives. This milestone regulation also serves as the basis for the commencement of financial derivative supervision with underline effect by the OJK.
- OJK Regulation Number 9 of 2025 concerning Dematerialization of Equity Securities and Unclaimed Assets. This policy aims to provide legal certainty for unclaimed ownerless assets and securities in the capital market.
- OJK Regulation Number 15 of 2025 concerning the Rating of Mutual Funds and Investment Managers. This policy aims to provide transparency on the quality of mutual fund management based on transparent and accountable ratings and rankings .
"In 2025, OJK will also transform its services by integrating SPRINT-SPEK OJK and KSEI for mutual fund product registration, which will simplify licensing into a one-stop service, speed up service time, and improve data accuracy. As a signatory to various multilateral MoUs, OJK is committed to ensuring that our capital market has integrity with global standards," said Inarno.
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Entering 2026, OJK has four strategic agendas. First, market deepening through strengthening supply, demand, and supervisory infrastructure. Second, improving market integrity through effective sanctions and issuer quality.
Third, strengthening the institutions of Securities Companies & Investment Managers, primarily in terms of cyber security and internal control. Fourth, developing sustainable finance by expanding the use of carbon exchange services and the 2026–2030 sustainability roadmap.
"Our strong and stable economic fundamentals give Indonesia sufficient room to continue developing a sustainable capital market. The OJK and SRO have set various priorities, because a strong capital market is the foundation for a strong economy towards a Golden Indonesia," concluded Inarno.
Contacted separately, Professor Budi Frensidy of the Faculty of Economics and Business at the University of Indonesia reminded us that the outlook for stock trading in 2026 should not solely focus on pursuing the quantity of new issuers, but also pay attention to the quality of issuers with large capitalization.
"Prioritize quality issuers, namely those who are committed to maintaining transaction liquidity and are ready to become liquidity providers. The minimum free float should not be forced because for a market cap of hundreds of trillions, a free float of 10% seems to be good enough since our exchange's absorption capacity is still not that big," said Budi when contacted Suar.id on Tuesday (12/30/2025).
