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Pasar Menghela Napas Lega - Dari Purbaya hingga Suahasil


The Market Heaves a Sigh of Relief - From Purbaya to Suahasil

Monday, September 14, 2026, was a nervous day at the Indonesia Stock Exchange.

As soon as news of the Finance Minister's reshuffle emerged—Purbaya Yudhi Sadewa was removed—the Jakarta Composite Index (JCI) immediately plummeted. It even plunged as low as minus 2.5%, falling into the red zone. Panic? Absolutely. Markets hate uncertainty.

But just a few hours later, a plot twist.

President Prabowo inaugurated Deputy Finance Minister Suahasil Nazara as the new Minister of Finance for the remainder of the 2024-2029 term. A familiar name. Insider. He has been assisting Sri Mulyani since 2019. He is a professor at the Faculty of Economics and Business, University of Indonesia (UI), and understands the ins and outs of the state budget system.

As soon as this confirmation emerged, the JCI suddenly reversed sharply. From a deep minus, it immediately rose slightly by 5.3 points (0.08%) to 6,546.

Analysts say this is not euphoria, but a relief rally.

"So far, this is just a relief rally because tail risks have diminished. The replacement isn't a politician or a figure completely unfamiliar to the market, but rather a Finance Ministry insider who understands the state budget and fiscal bureaucracy," said Liza Camelia of Kiwoom Securities.

The bottom line is one: Markets appreciate the hope of continuity and fiscal credibility.

Suahasil isn't immediately considered "Sri Mulyani 2.0." However, the market doesn't view this transition as an immediate threat to fiscal stability. The uncertainty premium has eased.

The tough task now? Maintaining fiscal discipline amidst the Prabowo administration's massive spending agenda. That will be the new State Treasurer's first test.

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