Unexpected Strength in Indonesia's Stock Market

Jakarta, CNBC Indonesia - Chairman of the House of Representatives’ Commission XI, Mukhamad Misbakhun, has revealed that there are fund managers with trillions of rupiah capable of safeguarding the fundamentals of the domestic capital market. He cited BPJS Ketenagakerjaan, which manages funds of around Rp 890 trillion to Rp 1,000 trillion, and the Hajj Financial Management Agency (BPKH). “We see that BPJS Ketenagakerjaan’s assets under management are almost Rp 1,000 trillion, around Rp 890 trillion, and this year it will be Rp 1,000 trillion. We also have BPKH with nearly Rp 200 trillion. Then we still have other pension funds, ASABRI, TASPEN,” Misbakhun explained at the CNBC Indonesia Investment Forum 2026 at the Indonesia Stock Exchange Main Hall, Wednesday (15/7/2026). Misbakhun stressed that the power of these fund managers essentially just needs to be orchestrated by the exchange authorities to anticipate volatility when foreign funds engage in profit-taking that triggers outflows. “So actually, the potential to replace foreign funds and capital outflows can be done, it just depends on what the policy orchestration looks like,” Misbakhun asserted. To orchestrate these large fund managers, the government and the House of Representatives could implement regulatory relaxation, for instance, by no longer limiting capital market investments to around 6%. “We can relax the rules so they can strengthen their positions, because what investment can provide strong returns other than the capital market, besides SRBI and SBN,” he said.