JCI Seen Hitting 10,000 by End-2026, Purbaya Lays Out the Math

JAKARTA, Investortrust.id — Finance Minister Purbaya Yudhi Sadewa says Indonesia’s benchmark stock index, the Jakarta Composite Index or JCI, could reach 10,000 by the end of 2026, citing stronger synchronization between fiscal and monetary policy. The projection was delivered during a year-end press conference on Friday, Jan 2, 2026, in Jakarta, and signals optimism over faster capital market growth.

“Next year, it should be above 10,000 by year end,” Purbaya said. He argued that tighter coordination between government spending and central bank policy would accelerate equity market gains.

Purbaya said the rally would be supported by improving macroeconomic conditions and clearer policy direction. He added that better alignment across institutions should translate into stronger investor confidence and higher valuations.

The finance minister noted that the index had been expected to close 2025 at around 9,000. Instead, it finished the year at 8,646.93, which he attributed to an economic design that fell short of his preferred framework.

“If last year’s design had followed my approach, we would already be at 9,000,” he said. He described the gap as relatively small but significant in shaping market momentum.

Purbaya was scheduled to attend the opening bell of the first trading session of 2026 at the Indonesia Stock Exchange on Friday. The event marked the start of a new trading year following a strong but uneven 2025 performance.

The benchmark index gained 22 percent throughout 2025 and recorded 24 all-time highs. The final record was set at 8,710.69 on Monday, Dec 8, 2025.

Indonesia Stock Exchange chief executive Iman Rachman said market capitalization briefly surpassed Rp 16,000 trillion, equal to $990 billion, during the December rally. At the final close of the year, market capitalization stood at Rp 15,810 trillion.

Iman added that the number of capital market investors exceeded 20 million by the end of 2025. The surge reflected broader retail participation and sustained interest in domestic equities.