"10,000 (IHSG) next year? Oh, more. More next year, right?" Purbaya said in Jakarta on Wednesday.
He assessed that, fundamentally, the JCI should have reached a higher level this year. However, this realization was temporarily held back by policy dynamics and market sentiment.
This year, the JCI closed up 2.68 points, or 0.03 percent, to 8,646.94. This figure missed Purbaya's previous prediction that the JCI would reach 9,000.
"If the design had been in line with mine yesterday, it would have reached 9,000 by now. But that's already a small number. Going forward, with more synchronized policies and an improving economy, the JCI should rise more quickly," he added.
At the year-end close, the JCI rose 2.68 points, or 0.03 percent, to 8,646.94. Meanwhile, the LQ45 index, which comprises 45 blue-chip stocks, fell 5.47 points, or 0.64 percent, to 846.57.
Indonesian Capital Market observer Reydi Octa believes the strengthening of the JCI at the end of 2025 was driven by sentiment surrounding interest rate cuts, both global and domestic, which increased investor risk appetite for assets in developing countries.
"The strengthening of the JCI at the end of 2025 was driven by sentiment surrounding the global and domestic interest rate cuts trend, thus increasing investor risk appetite to start investing in emerging markets ," said Reydi.
Furthermore, the relatively solid performance of issuers, particularly large-cap stocks, also supported the JCI's movement. Window dressing is also believed to have increased transaction activity at year-end.
