IDX Posts Robust Growth in 2023

Jakarta Globe is reporting that the composite share price index of the Indonesia Stock Exchange (IDX) posted robust growth of 6.1-percent, reaching 7,272 throughout 2023, surpassing the 4-percent increase recorded in 2022. On the final trading day of the year, IDX experienced a slight contraction of 0.43-percent.

The performance of the IDX in 2023 outpaced global indices, including the UK’s FTSE 100, the Philippine Stock Exchange Composite Index (PSEi), the Shanghai Composite Index, Hong Kong’s Hang Seng Index, and Thailand’s SET, report Jakarta Globe.

Iman Rachman, Chief Executive Officer of the Indonesia Stock Exchange (BEI), expressed optimism about Indonesia’s capital market in 2024, even amid the upcoming presidential election in February. Rachman pointed out the consistent rise of the IDX during election years.

“Improving global sentiments contribute to the strengthening of the stock market during election periods,” he said during IDX’s year-end press conference on Friday (29/12/23.)

Referring to historical data from the last five election periods, Rachman highlighted that in 1999, the capital market grew by 70.06-percent, in 2004 it rose by 44.56 percent, in 2009 it increased by 86.98-percent, and in the last election year of 2019, the market strengthened by 22.29-percent.

As of December 28, 2023, funds raised in Indonesia’s capital market amounted to IDR 247.06-trillion (approx. USD 16-billion), representing a decrease compared to 2022, which saw IDR 267.73-trillion raised, say Jakarta Globe, adding that the capitalization of Indonesia’s stock market reached IDR 11,762-trillion, marking a 23.82-percent year-to-date increase compared to the end of 2022 at IDR 9,499-trillion.

“Throughout 2023, Indonesia’s capital market welcomed 79-new listed companies that successfully conducted initial public offerings (IPOs), raising a total of IDR 54.14-trillion,” said Luthfy Zain Fuady, Head of the Capital Market Licensing Department at the Financial Services Authority (OJK), on Friday (29/12/23.)

By December 28, 2023, the total number of investors in Indonesia’s capital market reached 12.15-million, reflecting a 17.16-percent year-to-date increase from the end of 2022. Of the total investors, 55.65-percent are below 30-years of age, indicating the growth of a young investor generation, according to Jakarta Globe.

Citing data from, Jakarta Globe says that as of December 28, 2023, the leading stock markets in Asia were:


  1. Nikkei 225 (Japan):  28.24-percent
  2. Taiwan Weighted:  26.69-percent
  3. CSE All-Share (Sri Lanka):  24.73-percent
  4. Nifty 50 (India): 19.92-percent
  5. Kospi (South Korea): 18.73-percent
  6. BSE Sensex (India): 18.69-percent
  7. Tadawul All Share (Saudi Arabia): 13.87-percent
  8. VN 30 (Vietnam): 12.67-percent
  9. S&P/ASX 200 (Australia): 7.84-percent
  10. IDX (Indonesia): 6.17-percent


Source: Jakarta Globe

Stock photo by Ruben Sukatendel on Unsplash

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