IHSG Volatile as OJK Chief Says She Has Not Rested Since Friday

Jakarta, CNBC Indonesia — Friderica Widyasari Dewi, chair of the Board of Commissioners of the Financial Services Authority (OJK), said she had not rested since the Jakarta Composite Index (IHSG) suffered a sharp correction triggered by an announcement from Morgan Stanley Capital International (MSCI) in Friday’s trading session.

Nevertheless, the woman commonly known as Kiki said the OJK was continuing to implement capital-market reforms.

“On Friday, we all saw our capital market experience a bit of turmoil, as investors might put it. But we can tell everyone here, including those who are investors, that we are continuing capital-market reforms and improvements, in terms of integrity and transparency. We are also continuing to enforce the rules, and encouraging more people to invest in the capital market,” she said in remarks at the 22nd Itjima Sanawi 2026 at the Mercure Harmoni Hotel on Tuesday (20 October 2026).

She asked the attendees, including Islamic clerics, to pray in support of Indonesia’s capital market.

Kiki also stressed the importance of distinguishing the effects of economic fundamentals from market sentiment when assessing market movements.

“In the second quarter of 2026, listed companies’ financial reports showed increases in both revenue and profit. Our capital market is also attractive in terms of market capitalisation, the number of listed companies and its price-to-earnings ratio. Our fundamentals are very strong, the Indonesian economy is solid, and this provides a firm basis for people who want to invest in Indonesia,” Kiki said.

She expressed gratitude for the IHSG’s recovery in Tuesday’s trading.

“Thank God, it has started to rebound today. The important thing is that we continue to build confidence,” she said.

She added: “I have not rested since Friday—not on Saturday or Sunday, and not until now. But, thank God, I came here feeling encouraged because there are many people in this room whose prayers are answered. I ask you all to pray that we can get through this well.”

In the second session of trading on Tuesday, the IHSG rose 5.27% to 5,259.76. The significant gain offered some relief after the index plunged by more than 11% on Friday.

Year to date, however, the IHSG was still down 40.47%. Last week’s sharp decline followed an MSCI announcement threatening to downgrade Indonesia’s equity market to standalone-market status.