The Indonesia Stock Exchange (IDX), headquartered in Jakarta, is the country’s central securities exchange and a cornerstone of its financial system. 

Formed through the 2007 merger of the Jakarta Stock Exchange and the Surabaya Stock Exchange, the IDX serves as the primary marketplace for equities, bonds, ETFs, and derivatives in Southeast Asia’s largest economy. 

Its role extends well beyond trading floors, acting as a key driver of capital formation, corporate governance, and economic growth.

With hundreds of listed companies spanning banking, consumer goods, energy, and technology, the exchange reflects the breadth of Indonesia’s economy and its evolving growth story. 

Market capitalisation has expanded significantly in recent years, and daily trading volume often exceeds billions of dollars, underscoring rising participation from both domestic and foreign investors.

For global investors, the IDX is an essential entry point into a nation of more than 270 million people, abundant in natural resources and experiencing rapid digitalisation. 

As the Indonesian government pushes for greater financial inclusion and market reforms, the stock exchange has become a focal point for those tracking Southeast Asia’s next wave of investment opportunities.

Key Indonesia Stock Exchange data

These are key data points that provide a broad overview of the Indonesia Stock Exchange.

Market capitalisation

The Indonesia Stock Exchange ranks among the largest in Southeast Asia, with market capitalization in August 2025 exceeding IDR 14.182 quadrillion or US$862.71 billion.

This reflects both Indonesia’s expanding economy and the increasing role of its capital markets in global investment flows.

Number of listed companies

As of the end of Q2 2025, there were 956 companies listed on the IDX. 

These firms span banking, consumer goods, energy, manufacturing, and technology, offering investors a wide spectrum of opportunities and making the exchange a strong reflection of Indonesia’s economic diversity.

Average daily trading value

Trading on the IDX is highly active, with the average daily value in Q2 reaching IDR 14,381 billion or US$872 million.

This liquidity ensures efficient price discovery and supports participation from both large institutions and individual investors.

Foreign vs domestic participation

Domestic investors remain the dominant force in the IDX, but foreign participation plays a crucial role in sectors such as banking and commodities.

Global investors continue to view the exchange as a gateway to Indonesia’s growth story, particularly as the government pushes for greater integration with international capital markets.

Structure and operations of the IDX

The Indonesia Stock Exchange  is structured to accommodate companies of different scales and growth stages. 

Market segmentation on the IDX

The Main Board is reserved for large, established corporations with strong financial performance and governance standards. 

The Development Board caters to mid-sized companies with significant growth prospects, while the SME board provides smaller enterprises with access to capital markets. 

This tiered structure balances investor choice with corporate opportunity.

Listing requirements across boards

Each board has specific criteria. 

The Main Board demands higher capitalisation, proven profitability, and strict governance. 

The Development Board applies lighter requirements, focusing on growth potential and disclosure standards. 

The SME board is the most flexible, designed to lower barriers for smaller firms while still ensuring compliance with basic transparency and reporting rules.

Range of securities traded

The IDX lists a wide variety of instruments. Investors can trade equities, government and corporate bonds, exchange-traded funds (ETFs), and mutual funds. 

This range provides both institutional and retail investors with multiple ways to diversify and manage risk.

Trading hours and settlement cycle

Trading is conducted from 9:00 a.m. to 3:00 p.m. Jakarta time, with a midday recess. 

The exchange operates on a T+2 settlement cycle, meaning that transactions are finalised two business days after the trade date. 

This aligns the IDX with international best practices and enhances investor confidence.

Major listed companies and sectors

The Indonesia Stock Exchange is home to many of Southeast Asia’s largest and most influential companies, with banking, commodities, and consumer goods leading in market capitalization and trading activity.

Banking sector

The banking industry dominates the Indonesia Stock Exchange, led by Bank Central Asia (BCA), Bank Mandiri, and Bank Rakyat Indonesia (BRI). 

These institutions rank among the largest companies on the IDX by market capitalisation and are central to both domestic and foreign investment activity.

Commodities and energy

Indonesia’s resource wealth is strongly represented on the IDX. 

Major companies such as Adaro Energy and Aneka Tambang highlight the country’s role as a global supplier of coal, nickel, and other minerals. 

Energy producers also contribute significantly to the market, reflecting the importance of natural resources to the national economy.

Consumer goods

Consumer-focused firms form another pillar of the exchange. 

Unilever Indonesia and Indofood Sukses Makmur are two of the most prominent players, benefiting from the country’s large and growing population. 

These companies supply staples and fast-moving consumer goods that underpin steady domestic demand.

Manufacturing and technology

Beyond traditional sectors, the IDX features a rising number of manufacturing and technology firms. 

This reflects Indonesia’s industrial diversification and growing digital economy, which are expected to become increasingly influential drivers of market growth in the coming years.

IDX performance indicators

This section covers the Indonesia Stock Exchange’s key indexes and trends.

Jakarta Composite Index (JCI) performance

The JCI has posted moderate year-to-date gains, with banking and consumer goods stocks leading growth. 

Energy and mining counters have been more volatile, reflecting global commodity price fluctuations.

LQ45 as a market barometer

The LQ45 Index, covering the 45 most liquid and capitalised stocks, is widely followed by investors seeking stability and liquidity. 

It continues to be dominated by banking, consumer goods, and large-cap firms that attract strong domestic and foreign participation.

Foreign investment and access

This section covers how foreign traders can access the Indonesia Stock Exchange.

Direct access through local brokers

Foreign investors can participate in the Indonesia Stock Exchange by opening accounts with local brokerage firms licensed by the Financial Services Authority (OJK). 

These brokers provide access to equities, bonds, and other listed securities.

ETFs and ADRs

Exposure to Indonesian markets is also available through exchange-traded funds (ETFs) that track IDX performance, as well as American Depositary Receipts (ADRs) of select Indonesian companies listed abroad. 

These options allow investors to trade without directly entering the domestic exchange.

FDI and capital market links

Foreign direct investment (FDI) continues to support Indonesia’s capital markets, particularly in banking, consumer goods, energy, and digital infrastructure. 

These inflows strengthen market depth and contribute to new listings.

Policy and investor appeal

Regulatory reforms have gradually relaxed ownership restrictions and enhanced transparency. 

This makes IDX-listed firms more attractive to global investors seeking long-term exposure to Southeast Asia’s largest economy.

Regulation and oversight

This section covers key regulatory bodies and regulations governing the Indonesia Stock Exchange.

Role of the OJK

The Indonesia Stock Exchange is regulated by the Financial Services Authority, or Otoritas Jasa Keuangan (OJK). 

The OJK supervises financial institutions across banking, insurance, and capital markets, ensuring compliance, integrity, and investor protection.

Recent reforms

The OJK has introduced measures to raise corporate governance standards, including stricter disclosure requirements and improved electronic reporting systems. 

These reforms align IDX operations more closely with international norms.

Transparency initiatives

Market transparency has been strengthened through tighter rules on information sharing and efforts to reduce manipulation. 

Listed companies are required to provide more accurate and timely disclosures to support investor confidence.

ESG and sustainable finance

The OJK also promotes environmental, social, and governance (ESG) standards across IDX-listed firms. 

Policies encouraging sustainable finance are designed to make Indonesia’s stock market more competitive and attractive to long-term global investors.

Regional Comparison

The Indonesia Stock Exchange is one of the region’s largest, with over 900 listed companies and strong representation in banking, commodities, and consumer goods. 

Here’s how it compares to its ASEAN neighbours.

Singapore

The Singapore Exchange (SGX) is ASEAN’s global hub, with deep foreign institutional participation. 

It specialises in finance, REITs, and derivatives, giving it a different profile compared to the resource-heavy IDX.

Malaysia

Bursa Malaysia is shaped by energy and palm oil, with steady foreign involvement but less scale than Indonesia or Singapore. 

It remains important for commodity-linked investments and Islamic finance products.

Thailand

The Stock Exchange of Thailand (SET) leans heavily on tourism, consumer services, and healthcare. 

While smaller than the IDX, it benefits from sectoral diversity and strong domestic investor activity.

Philippines

The Philippine Stock Exchange (PSE) is one of the smaller markets in ASEAN, dominated by conglomerates spanning banking, property, and infrastructure. 

Liquidity is limited compared to Indonesia, but reforms aim to deepen participation.

Vietnam

The Ho Chi Minh City Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX) together represent one of ASEAN’s fastest-growing markets. 

Despite rapid expansion, foreign ownership caps and regulatory limits still constrain full integration with global capital markets.

Indonesia Stock Exchange Outlook

The Indonesia stock market outlook 2025 highlights both growth potential and ongoing risks. 

Digitalisation and green finance are central opportunities, with the IDX upgrading systems, promoting ESG-linked products, and preparing for fintech and digital economy listings. 

These developments aim to broaden market depth and attract new investors.

However, there are also risks including political shifts, currency volatility tied to global interest rates, and continued dependence on commodities such as coal and nickel. 

The exchange’s future strength will hinge on balancing innovation with stability, ensuring reforms translate into lasting investor confidence.

That said, Southeast Asian economies can be dynamic and change quickly.

With this in mind, the best way to keep up to date with the changing business environment is to make sure to subscribe to Vieter.