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February 25, 2025 | 04:23 pm
TEMPO.CO, Jakarta - The Indonesian stock market faced pressures a day after the launch of the Sovereign Wealth Fund (SWF) Danantara. The Indonesia Composite Index (IHSG) fell, with foreign investors withdrawing funds of Rp3.47 trillion. Kiwoom Sekuritas' capital market observer, Oktavianus Audi, linked the outflow to concerns about the impact of Danantara on state-owned enterprises in the stock market.
However, Presidential Advisory Council member Bambang Brodjonegoro believes that there is a misunderstanding among investors. He said that the market is still in a 'wait and see' phase, trying to understand how Danantara will affect the performance of state-owned enterprises. "They want to be certain whether the existence of Danantara will improve the performance of state-owned enterprises," he said when met at Sopo Del Building, Kuningan, South Jakarta, on Tuesday, February 25, 2025.
According to Bambang, one of the main investors' concerns is the potential decrease in dividends from state-owned companies, which are known for being generous in distributing profits. However, Bambang emphasized that this assumption does not align with the government's strategy. "I am confident that it is not part of the strategy. The interests of minority investors will remain the main concern for state-owned enterprises that are also public companies," he said.
He cited the telecom sector as an example of a sector that has a dividend policy in place to not disappoint investors. Thus, he hopes that the negative sentiment in the market can subside with a better understanding of Danantara and its impact on state-owned enterprise stocks.
Before this, Kiwoom Sekuritas analyst Oktavianus Audi said that the launch of Danantara still raises questions among investors regarding its transparency and governance.
With market conditions still overshadowed by uncertainty, Audi said that investors are expected to remain cautious in taking positions. The IHSG still potentially moves under pressure if there is no clarity in global economic policies and the SWF Danantara mechanism.
Another factor affecting the weakening movement of the IHSG is the economic uncertainty due to the reciprocal tariff policy reintroduced by the President of the United States, Donald Trump.
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