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The Composite Stock Price Index (IHSG) reached its lowest point of Rp6,400 or the lowest in almost four years. If associated with inflation figures, then the IHSG has fallen very deeply since the Prabowo-Gibran Government.

Many observers associate the decline in the IHSG with domestic and global factors. The slowdown in global economic growth, global political conflicts, and the economic policies of US President Donald Trump are suspected of having an impact on Indonesia's economic growth and the IHSG.

Domestically, there are several causes that have caused the IHSG to drop drastically. One of them is the existence of the Daya Anagata Nusantara Investment Management Agency or Danantara which was launched by President Prabowo on Monday, February 24, 2025. Since the inauguration of Danantara, the IHSG has weakened by almost 4 percent.

A number of big cap stocks on the IHSG such as Bank Mandiri, Bank BRI, and even private banks such as BCA, have fallen drastically. This condition is worsened by the large number of withdrawals from government banks such as Mandiri and Bank BRI. On various social media platforms, there is a discourse to move money from government banks to private banks such as BCA, which is indeed the issuer with the highest market capability in Indonesia.

This symptom is thought to be due to public distrust of several Prabowo-Gibran government policies such as the launch of Danantara. With the many corruption cases in Indonesia, various government policies are no longer trusted.

In the midst of this situation, foreigners are also withdrawing funds from Indonesia in large amounts. Since the end of 2024, foreign capital has consistently outflowed reaching IDR 17 trillion or equivalent to $ 1 billion USD. The lack of positive sentiment domestically is believed to be one of the factors causing foreign funds to leave Indonesia.

Is Danantara the cause of the decline in the JCI? Of course it is not the only cause. As mentioned above, there are global and domestic factors that affect the JCI.

Apart from global and domestic factors, the government and Danantara management must also conduct an in-depth and professional study in responding to the weakening of the JCI. The large number of people with political backgrounds involved in Danantara has reduced the trust of the Indonesian people and foreign economic institutions.

The government should be able to place professional people in Danantara, or economic growth and the IHSG will be at stake.[]

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IHSG Turun Drastis, Danantara Menjadi Penyebab?

Indeks Harga Saham Gabungan (IHSG) mencapai titik terendah sampai Rp6.400 atau terendah dalam hampir empat tahun terakhir. Kalau dikaitkan dengan angka inflasi, maka IHSG turun sangat dalam sejak Pemerintahan Prabowo – Gibran.

Banyak pengamat yang mengaitkan terpuruknya IHSG dengan faktor domestik dan global. Perlambatan pertumbuhan ekonomi global, konflik politik global, serta kebijakan ekonomi Presiden AS, Donald Trump, ditengarai berpengaruh terhadap pertumbuhan ekonomi Indonesia dan IHSG.

Dari dalam negeri, ada beberapa penyebab yang membuat IHSG turun drastic. Salah satunya adalah keberadaan Badan Pengelola Investasi Daya Anagata Nusantara atau danantara yang diluncurkan Presiden Prabowo, Senin 24 Februari 2025 lalu. Sejak peresmian Danantara, IHSG sudah melemah hampir 4 persen.

Sejumlah saham big caps di IHSG seperti Bank Mandiri, Bank BRI, bahkan bank swasta seperti BCA, turun drastis. Kondisi ini perburuk dengan banyaknya penarikan uang dari bank pemerintah seperti Mandiri dan Bank BRI. Di berbagai platform media sosial, muncul wacana untuk memindahkan uang dari bank pemerintah ke bank swastas seperti BCA yang memang menjadi emiten dengan kapabilitas pasar tertinggi di Indonesia.

Gejala itu diduga karena ketidakpercayaan masyarakat terhadap beberapa kebijakan pemerintahan Prabowo – Gibran seperti peluncuran Danantara. Dengan banyaknya kasus korupsi di Indonesia, berbagai kebijakan pemerintah menjadi tidak dipercaya lagi.

Di tengah situasi tersebut, asing juga menarik dana dari Indonesia dalam jumlah besar. Sejak akhir 2024 lalu, modal asing keluar secara konsisten mencapai Rp17 triliun atau setara $1 miliar USD. Tidak ada sentiment positif di dalam negeri diyakini menjadi salah satu faktor keluarnya dana asing dari Indonesia.

Apakah Danantara menjadi penyebab turunnya IHSG? Tentunya bukan satu-satunya penyebab. Seperti disebutkan di atas, ada faktor global dan dan domestik yang mempengaruhi IHSG.

Terlepas dari faktor global dan domestik, pemerintah dan pengelola Danantara juga harus melakukan kajian mendalam dan profesional dalam menanggapi melemahnya IHSG. Banyaknya orang dengan latar belakang politik yang terlibat dalam Danantara menurunkan kepercayaan masyarakat Indonesia dan lembaga ekonomi asing.

Pemerintah harusnya bisa menempatkan orang-orang profesional di Danantara, atau pertumbuhan ekonomi dan IHSG jadi taruhannya.[]

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