September 8, 2025 | 05:39 pm
TEMPO.CO, Jakarta - The Indonesia Composite Stock Price Index (IHSG) fell on Monday, September 8, 2025, after President Prabowo Subianto announced a cabinet reshuffle.
The IHSG dropped 100.49 points, or 1.28 percent, closing at 7,766. According to RTI data, 232 stocks rose, 451 declined, and 121 remained unchanged. The total transaction value reached Rp19.45 trillion, with a trading volume of 35.82 billion shares across more than 2.19 million transactions.
The index had opened higher, rising 61.71 points, or 0.78 percent, to 7,929.06. Selling pressure increased sharply at 03:30 PM, right after State Secretary Minister Prasetyo Hadi announced the reshuffle at the State Palace.
The reshuffle replaced five ministers, including one coordinating minister. Outgoing officials included Coordinating Minister for Politics and Security Budi Gunawan, Cooperatives Minister Budi Arie, Youth and Sports Minister Dito Ariotedjo, Finance Minister Sri Mulyani, and Minister for the Protection of Indonesian Migrant Workers (P2MI) Abdul Kadir Karding.
In addition, the government introduced a new portfolio, the Ministry of Hajj and Umrah. “The consideration is continuous evaluation,” Prasetyo Hadi said at the State Palace.
A highlight of the reshuffle was the replacement of Sri Mulyani as Finance Minister. Celios Director Bhima Yudhistira described the move as a potential opportunity if it is followed by more equitable fiscal policies.
He emphasized the need for immediate action on tax fairness, budget efficiency, debt restructuring, internal ministry reforms, and fiscal transparency to ensure the policies favor public interest.
“Celios will continue to monitor the new finance minister’s policies critically, using data to guide a fair and transparent fiscal direction,” Bhima said, adding that attention must be given to fiscal incentives that could harm the state and to auditing companies receiving tax holidays and allowances.
Eka Yudha Saputra and Anastasya Lavenia Yudi contributed to the writing of this article.
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