Unexpected Strength in Indonesia's Stock Market

Jakarta, CNBC Indonesia – Mukhamad Misbakhun, chairman of the DPR’s Commission XI, has revealed that there are fund managers handling trillions of rupiah capable of safeguarding the fundamentals of the domestic capital market.

He said these fund managers include BPJS Ketenagakerjaan, which manages around Rp 890 trillion to Rp 1,000 trillion, as well as the Hajj Financial Management Agency, or BPKH.

“We see that BPJS Ketenagakerjaan’s assets under management are nearly Rp 1,000 trillion, around Rp 890 trillion, and this year Rp 1,000 trillion. We still have BPKH, where the figure is nearly Rp 200 trillion. Then we also have other pension funds, ASABRI and TASPEN,” Misbakhun explained at the CNBC Indonesia Investment Forum 2026, held in the Main Hall of the Indonesia Stock Exchange in Jakarta on Wednesday (15/7/2026).

Misbakhun stressed that the strength of these fund managers merely needs to be orchestrated by the exchange authorities to anticipate turmoil when foreign funds take profits, triggering outflows.

“So actually, the potential to replace foreign funds amid capital outflow is something we can achieve – it is just a matter of how we orchestrate the policy,” Misbakhun asserted.

To orchestrate these major fund managers, he said the government and the DPR could relax regulations, for example by no longer capping investment in the capital market at around 6%.

“Yes, we relax it so they can strengthen their position, because where else can investment deliver strong returns besides the capital market, SRBI and government bonds?” he said.