Prabowo Expresses Fury as Indonesian Stock Market Plummets
Jakarta – Indonesian President Prabowo Subianto reportedly expressed strong displeasure following a significant decline in the Composite Stock Price Index (IHSG) in recent weeks. The reaction stems from concerns about market integrity and the impact on investors, particularly retail investors.
Presidential Special Envoy for Energy and Environment Hashim Djojohadikusumo emphasized that a market with high integrity can only be achieved through trust and credibility. He stated the government will closely monitor market leaders and take a serious stance in maintaining that integrity.
“We all know what happened last week, right? Morgan Stanley, the stock market collapse, and I don’t know if you’ve been following, but it was a big hot topic last week, wasn’t it? Some people were asked to resign,” Hashim said at the ASEAN Climate Forum in Jakarta on Wednesday, February 11, 2026.
Hashim affirmed the Indonesian government’s commitment to safeguarding market credibility and the honor of the Republic of Indonesia. He stated that for President Prabowo, the nation’s honor is paramount, and oversight will be extremely strict.
He also highlighted the number of investors who have been victimized by recent market events, especially when companies exhibit price-to-earnings (PE) ratios deemed unreasonable. Hashim pointed to PE ratios reaching hundreds or even thousands as a strong indication of serious problems within the market.
“Something is wrong, so my hope – and President Prabowo’s hope, and the government’s hope – is that you (as regulators and SROs) remain vigilant. And when you see all these ridiculous anomalies, these are red flags,” he stated.
Hashim stressed that the potential for fraud will always exist in the market if oversight is weak, underscoring the crucial role of regulators in ensuring no one attempts to deceive investors.
To prospective foreign investors, Hashim reaffirmed the Indonesian government’s commitment to maintaining market integrity, including the carbon market. He stated that high integrity will be meaningless without consistent oversight and maintenance.
“President Prabowo is very angry. He is angry about what happened last week, especially because the honor of our country is at stake,” Hashim said. He added that many retail investors have been affected, making the issue particularly important.
Hashim clarified that his statements were not intended as a threat of violence, but rather that the integrity of the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX) is at risk. He concluded by emphasizing that the reputation of regulators, market participants, and Indonesia as a whole is on the line.
