The Performance Of The Capital Market In The Jokowi Government Era Is Low, Here's The Observer's Response

Illustration (Photo: Doc. Antara)

JAKARTA - Investment Consultant Reliance Sekuritas Indonesia Reza Priyambada responded to the low performance of the Indonesian capital market in the era of President Joko Widodo (Jokowi)'s leadership compared to the era of President Susilo Bambang Yudhoyono (SBY).

Reza assessed that Indonesia's capital market performance over the past two years has shown good figures with a number of growths.

According to him, this can be seen from the achievement figures at the close of the Composite Stock Price Index (JCI) last December 2023.

However, Reza did not deny that there was a factor in the COVID-19 pandemic which made the performance of a number of issuers decrease.

"During that period there was also Covid-19, which caused a number of issuers' performances to fall, resulting in many selling actions," Reza told VOI, Tuesday, January 9.

Reza said that the movement of the capital market in the Jokowi era really depended on sentiment at that time. Thus, this caused differences in performance results in the Jokowi and SBY eras.

"Right, the movement of the capital market depends on the sentiment at that time. It could be that during the SBY era, the condition of global macroeconomic sentiment was quite good, so that market participants transacted a lot. Meanwhile, in the Jokowi era, the macro-economic global condition happened to be not good anymore," he said.

Even so, Reza acknowledged that there was an improvement in law enforcement for the Indonesian capital market from time to time, especially in the era of Jokowi's leadership.

"However, what is clear is that the law enforcement of the capital market in the Jokowi era is much better. More days, right, law enforcement and supervision are getting better. So, there is improvement," he concluded.

Previously reported, National Winning Team (TPN) Economist Ganjar Pranowo-Mahfud MD Irwan Ariston Napitupulu revealed that the performance of the Indonesian capital market during the leadership era of President Joko Widodo (Jokowi) was fairly low.

Irwan said that the capital market performance in Jokowi's leadership was only able to be at 46.1 percent from 2019-2023.

"Then, I also tried to compare it to the previous era of the president, namely the SBY leadership which was said to be autopilot at that time. What (Jokowi) is hard work and (SBY) autopilot," said Irwan on the agenda of the 2024-2029 Investment Policy and Capital Market Dialogue in Jakarta, Monday, January 8.

"I turned out to be checking, I was also surprised, how come President SBY has a capital market performance of up to 489 percent, while President Jokowi has until January 5, 2024 (the opening of the JCI) is around 46.1 percent," he continued.

He also admitted that he was surprised about the results. According to Irwan, in the midst of massive infrastructure development, he should have boosted the performance of the Indonesian capital market.

"How come it's so different? What's wrong? Something wrong? Because feeling like it should be much better than President Jokowi, if I look at the many developments," said Irwan.