Purbaya: Export Body Driving IHSG Down
Finance Minister Purbaya Yudhi Sadewa is confident the IHSG will rebound once market participants understand the establishment of a State-Owned Enterprise (BUMN) dedicated to exports. The IHSG closed at 6,318.5, the weakest level in a year, after President Prabowo Subianto announced the creation of the new agency.
‘Perhaps they do not yet know the actual impact. If there is uncertainty, they fear and sell first,’ Purbaya said after a coordination meeting at the Office of the Coordinating Ministry for Economic Affairs in Jakarta on Thursday, 21 May 2026.
According to the state treasurer, once market participants have certainty, they will understand the positive impact, and share prices will rise again. Purbaya stated that with the export body, price manipulation or under-invoicing would be stamped out, reflected in the net sales. Ultimately natural resources (SDA) commodity companies, especially those listed on the Indonesia Stock Exchange (IDX), will benefit.
‘So this should improve the valuation of companies on the exchange; surely gradually the IHSG will rise significantly,’ he said.
Similar views were voiced by Chief Investment Officer Danantara Pandu Sjahrir. He stated that investors need certainty. ‘They need to seek certainty, want to know the outcome,’ he said. Pandu confirmed that this policy also takes into account market developments, particularly in equities.
The new enterprise tasked with managing export of SDA commodities is PT Danantara Sumber Daya Indonesia (DSI). The state-owned company will become the sole exporter for SDA commodities.
After the announcement, the stock indices slumped. By the close of the first trading session on Thursday afternoon, 21 May 2026 the IHSG fell 2.71 percent to 6,147. According to IDX data, all indices were in the red. The deepest decline occurred in the basic materials index (IDXBASIC) which fell 6.34 percent, while the energy sector (IDXENERGY) dropped as much as 4.99 percent.
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