Jakarta. The Jakarta Composite Index (JCI) kicked off 2025 on a positive note, gaining 12.52 points (0.18 percent) to reach 7,092.4 in the first session on Thursday.

Finance Minister Sri Mulyani officially opened the 2025 trading year at the Indonesia Stock Exchange (IDX), replacing President Prabowo Subianto, who was unable to attend. The ceremony, held at the IDX Main Hall in Jakarta, was also attended by Bank Indonesia Governor Perry Warjiyo, Financial Services Authority (OJK) Chairman Mahendra Siregar, Deposit Insurance Corporation (LPS) Chairman Purbaya Yudhi Sadewa, and IDX President Director Iman Rachman.

In the early minutes of trading, 1.44 billion shares changed hands, with a transaction value of Rp 365.9 billion across 29,920 trades. A total of 221 stocks posted gains, 106 declined, and 226 remained unchanged.

Five stocks emerged as top gainers, surging by up to 16 percent. These included Mulia Boga Raya (KEJU), which soared 16.6 percent, Multi Medika Internasional (MMIX) climbing 13.8 percent, and Wahana Pronatural (WAPO) gaining 12.5 percent. Sinar Eka Selaras (ERAL) and Agro Yasa Lestari (AYLS) followed with increases of 9.7 percent and 8.5 percent, respectively.

JCI Forecast
Pilarmas Bertumbuh Sekuritas projected the JCI to trade within a limited range of 7,000–7,140, buoyed by optimism from a new tax policy. President Prabowo announced that the Value-Added Tax (VAT) hike from 11 percent to 12 percent, effective January 1, 2025, would only apply to luxury goods, such as private jets, luxury homes, and yachts.

The policy, formalized under Finance Minister Regulation No. 131 of 2024, offers a positive outlook for the Indonesian economy, which is heavily reliant on middle-class consumption. “This change provides a breath of fresh air for economic growth,” Pilarmas noted in its research on Thursday.

The firm recommended stocks such as RAJA, INDY, GOTO, BBRI, and ADRO for investors to watch.

A Historic Year for IDX
The IDX closed 2024 with a 43.33-point gain (0.62 percent) at 7,079.9, despite recording a 3.33 percent decline for the year. The market achieved historic highs in September, with the JCI peaking at 7,905.39 and market capitalization reaching Rp 13,475 trillion ($835 billion).

The exchange also saw robust activity, with 41 new stock listings, 143 bond and sukuk issuances, one new exchange-traded fund (ETF), and 495 structured warrants introduced during the year.