IHSG Falls as Danantara Says Investors Await Clarity on Impact of Forming DSI

Jakarta, VIVA – Chief Investment Officer (CIO) Pandu Sjahrir of Danantara Indonesia said that the IHSG’s weakness in today’s trading was driven by market uncertainty. Investors are awaiting clarity on the direct impact of PT Danantara Sumberdaya Indonesia (DSI) as a state-owned enterprise dedicated to exports on the natural resources sector.

‘TNaturally, for IHSG, they (investors) need to seek clarity, and also want to know the outcome; God willing it will be good,’ Pandu said at the Coordinating Ministry for Economic Affairs, Jakarta, Thursday, 21 May 2026.

IHSG closed down 223 points or 3.54% at 6,094 at the close today, Thursday, 21 May 2026. However, Pandu is optimistic that the Indonesian stock index will improve as the latest export policy is implemented. At present, the mechanism of the export-dedicated state enterprise policy is still being refined.

‘We will certainly see the market; the market is important; I am optimistic,’ he said.

Similarly, Finance Minister Purbaya Yudhi Sadewa believes IHSG will move higher once investors understand the impact of forming the export-dedicated state-owned enterprise. He said the correction in IHSG occurred because market participants have not yet obtained certainty about the direction and operating mechanism of the new body.

‘If there is uncertainty, usually fear leads to selling. But once they understand the actual impact, the price (IHSG) will rise,’ said Purbaya.

For information, PT DSI sits directly under the Badan Pengelola Investasi (BPI) Danantara, with its main task of strengthening governance of exports for several strategic commodities such as crude palm oil (CPO), coal, and iron alloy.

One reason for forming the export-dedicated state-owned enterprise is the alleged practice of underinvoicing exports of commodities, said to have harmed the state by up to Rp 15,400 trillion over 34 years.

‘Later, underinvoicing will be addressed by the existence of the export body. So the money typically manipulated by owners—since foreign-owned companies have owners—should now be reflected directly in their pure sales,’ he said.