Sharia Stock Index Lesu, IDX Opens Voice

JAKARTA - PT Bursa Efek Indonesia (IDX) opened its voice about the decline in various Islamic indexes in the Indonesian stock market during early 2023. This is due to the market mechanism.

Director of Indonesia Stock Exchange Development (IDX) Jeffrey Hendrik said Islamic and other indexes, if they experienced an increase and decrease, would certainly depend on the market mechanism.

In this case, Jeffrey explained that the IDX does not have the authority to regulate the volatility of stock trading contained in various indexes, which are formed by market volatility (market).

"Bursa, in this case, certainly does not have the authority to regulate up and down indexes, it was formed by the market, seeing the current conditions may be reasonable," Jeffrey said, quoting Antara, June 15.

As of June 14, 2023, year to date (ytd), the IDX noted that various Islamic indexes in the Indonesian stock market had weakened.

Among them, the Jakarta Islamic Index (JII) decreased 7.16 percent (ytd), Indonesia Sharia Stock Index (ISSI) decreased 7.74 percent (ytd), Jakarta Islamic Index 70 (JII70) decreased 5.49 percent, IDX Sharia Growth decreased 5.94 percent (ytd).

As of June 14, 2023, the Composite Stock Price Index (JCI) year to date (ytd) weakened 150.90 points or 2.20 percent to 6,699.72.

On this occasion, his party targets domestic sharia stock investors to increase by 20 to 30 percent this year, which is in line with the overall capital market investor growth target of 20 to 30 percent.

"We are targeting between 20 and 30 percent (growing), inline sharia. Because we have to pay more attention, literacy is more for sharia," said Jeffrey.

Previously, the Chief Executive of the Capital Market Supervisory, Derivative Finance and Carbon Exchange of the Financial Services Authority (OJK) Inarno Djajadi reported that the Indonesian capital market had succeeded in raising funds worth IDR 102.10 trillion by the end of May 2023.

"The raising of funds in the capital market in May is still high, which is IDR 102.10 trillion, with 35 new issuers recorded," said Inarno.

In pipeline, until the end of May 2023, his party revealed that there were still 117 public offering plans with a value of Rp139.29 trillion, with the Initial Public Offering or IPO plan by 63 new companies.

Meanwhile, for fundraising at Securities Crowdfunding (SCF) which is an alternative funding for micro, small and medium enterprises (MSMEs), there are 16 organizers who have obtained permission from the OJK with 404 publishers, 153,662 investors, with a total fund raised of Rp869.47 billion.