JAKARTA - The plummeting performance of the Composite Stock Price Index (JCI) in the past week received a response from a number of conglomerates and regulators, in a meeting held by the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) earlier this week.

President Director of PT Indika Energy Tbk (INDY), Arsjad Rasjid, said that currently market players and regulators can maintain domestic resilience, amid global market dynamics. One of them, said Arsjad, is by involving more big funds from within the country to boost market liquidity.

‘The hope is also that pension funds or other financial institutions and institutions will enter our exchanges together,’ said Arsjad.

In line with this, Bakrie Group CEO, Anindya Bakrie, also encouraged institutional investors to also increase their portion in the capital market. Moreover, recently, the Indonesian government has also revised the BUMN law.

‘Maybe the new SOE law is more flexible for them [institutional investors] to do so,’ Anindya said.

Meanwhile, Adaro Group controller Garibaldi Thohir said the decline in the JCI in the past week was mostly influenced by external factors, such as the policies of United States (US) president Donald Trump.

On the other hand, said Thohir, there are still quite a number of issuers on the IDX that have bright fundamentals and prospects. ‘If it's bright, it will definitely go up, right? It's time to buy back,’ he said.

According to IDNFinancials.com's observation, the meeting was also attended by Franky Widjaja from Sinarmas Group and Agus Salim Pangestu from Barito Group.

Franky, in his presentation, hoped that market players would work together to face various external pressures on the Indonesian capital market. Meanwhile, Agus on the same occasion admitted that he was quite optimistic that the pressure on the capital market could be overcome together. (KR/LM)