JAKARTA - The Special Presidential Envoy for Energy and Environment, Hashim Djojohadikusumo, highlighted the practice of manipulating stock prices or known as "fried stock" in the China Conference Southeast Asia 2026 forum in St. Regis Jakarta, Tuesday, February 10 evening.
In the question and answer session which was followed online, Hashim expressed his concern about the alleged stock transactions that were engineered to artificially inflate the price so as to create the impression that it had a high value.
"There is a term in Indonesian which is called frying stocks. That means manipulating the stock price," said Hashim, quoted by Antara.
According to Hashim, this practice can be seen from a number of small company stocks that have jumped sharply without being supported by adequate business performance or fundamentals. He said the price to earnings (PE) ratio of some stocks was even at a level that was considered irrational.
"Apparently there are stocks with a PE ratio of 167 times, 300 times, 1,200 times, even 4,000 times," he said.
He compared this situation to established companies with strong fundamentals. Hashim gave the example of Astra International with a PE ratio of around eight times, as well as global technology company NVIDIA which is in the range of 60 times.
Although criticizing practices in the capital market, Hashim emphasized that the fundamentals of the Indonesian economy in general remain strong. He said the government remained optimistic about the prospects for the national economy.
He also ensured that the government would take firm action against perpetrators of unhealthy practices in the capital market. The sanctions prepared, according to him, can range from dismissal to large fines.
"Frankly, there will be people who are fired. Even very large fines will be imposed. This will improve," he said.
Hashim believes that the improvement measures will increase investor confidence while strengthening market stability and the national economy.
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