OJK Chief Says JCI Now at Attractive Level, Here's Why

The Chairman of the Board of Commissioners of the Financial Services Authority (OJK), Friderica Widyasari Dewi, also known as Kiki, has stated that the Jakarta Composite Index (JCI) is currently at an attractive level, supported by lower valuations compared to historical periods and regional markets, as well as improved issuer performance. During a working meeting with Commission XI, Kiki noted that JCI movements are increasingly converging with global benchmark indices published by MSCI and FTSE Russell. According to her, this condition indicates that the market is beginning to respond positively to various reform measures undertaken by capital market regulators, particularly in addressing key issues of concern to stakeholders, including global index providers. Furthermore, issuer performance in the first quarter of 2026 showed a positive trend. Improvements in corporate revenue and profitability are considered to provide fundamental support for the prospects of the domestic stock market going forward. Kiki also stated that the structure of Indonesia’s capital market continues to demonstrate strong resilience, underpinned by a growing base of domestic investors, particularly retail investors. The number of capital market investors increased from 12.17 million in 2023 to 26.49 million as of April 2026. Of this figure, individual investors dominate with a total of 26.43 million investors, far exceeding corporate and mutual fund investors. However, Kiki cautioned that there remains ample room for market deepening, noting that the number of active daily investors has only reached approximately 448,000, or 1.69 percent of the total investors as of April 2026. She confirmed that the OJK will continue to strengthen investor literacy and protection, maintain market integrity, and deepen the development of capital market products. These measures are being taken to ensure that the growth in investor numbers is not merely quantitative, but also becomes a foundation for a healthier, more inclusive, and sustainable national capital market.