Purbaya Expects IHSG to Rise After Investors Grasp Export-Focused State-Owned Enterprise
Finance Minister Purbaya Yudhi Sadewa is confident that the Jakarta Composite Index (IHSG) will rise after investors understand the impact of establishing an export-focused state-owned enterprise (SOE). He argued that the IHSG’s correction reflects investor uncertainty about the direction of the new body. ‘Where there is uncertainty, people tend to fear and sell first. But once they understand the actual impact, the price will rise,’ Purbaya told reporters at the office of the Coordinating Ministry for Economic Affairs in Jakarta on Thursday (21 May 2026).
The export-focused SOE in question is Danantara Sumber Daya Indonesia (DSI). DSI operates directly under the Danantara Investment Management Agency (BPI Danantara) with the main duty of strengthening export governance for a number of strategic commodities, including crude palm oil, coal and ferroalloys.
One factor driving the formation of the export-focused SOE is the alleged underinvoicing in the export of these commodities, which has been claimed to have cost the state as much as Rp 15,400 trillion over 34 years.
“Underinvoicing will be curbed by the existence of the export agency. Previously, the money was controlled by the owners because the companies were foreign-owned; now it should be reflected directly in their legitimate sales,” Purbaya explained.
“The state treasurer noted that the mechanism should provide double benefits for companies listed on the stock exchange. ‘The companies will benefit. It should double the profits of those that are listed on the exchange and reported. So this should raise the valuations of the listed companies,’ he said.
Earlier, President Prabowo Subianto announced the issuance of Government Regulation on the Governance of Export of Indonesia’s natural resource commodities, which among other things provides that SOEs become sole exporters for several strategic commodities.
President announced this in a plenary session of the Indonesian House of Representatives in Jakarta on Wednesday (20 May 2026), while delivering the Macro-Economic Framework and the Fiscal Policy Package (KEM-PPKF) for the 2027 Budget Year.
DSI, as the export-focused SOE, will operate in two phases. The first phase will run from 1 June to 31 December 2026, during which DSI will act as an appraiser and intermediary for sellers and buyers of certain commodities to be exported. In the second phase, beginning January 2027, DSI will become a trading company. In effect, DSI will buy directly from exporters and sell to international markets. The proceeds of those sales will then be fully returned to Indonesia.