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All Journal Algebra : Jurnal Pendidikan Sosial dan Sains
Rindu Wahyuni
State University of Padang
Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Neuroscience Physics Social Sciences Other

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COMPOSITE STOCK PRICE INDEX INCREASE: MOMENTUM OR MIRROR OF PUBLIC ECONOMIC STABILITY Ardhy Asyhabie; Rindu Wahyuni; Nadila Vhitra Januar; Boni Saputra
Algebra : Jurnal Pendidikan, Sosial dan Sains Vol. 6 No. 1 (2026): Algebra : Jurnal Pendidikan Sosial dan Sains
Publisher : Yayasan Amanah Nur Aman

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58432/5890fp31

Abstract

Indonesia’s capital market exhibited a positive trend as the Composite Stock Price Index reached the 8,000 level during August-October 2025. This article examines whether that rise constitutes a short-term momentum driven by market sentiment and fiscal measures or instead reflects more fundamental public economic stability. Employing a literature review that synthesizes theoretical and empirical findings with emphasis on recent empirical studies while incorporating relevant seminal works the study also includes a case study of the government’s placement of IDR 200 trillion in state-owned banks (Himbara) on 12 September 2025. The case study is accompanied by a descriptive analysis of index movements and a simple event-study procedure to assess short-term market reactions. The review indicates that the Composite Stock Price Index is influenced by a mix of macro-fundamental factors (inflation, interest rates, exchange rates, and growth) and psychological or institutional factors (fiscal policy and government credibility). Although liquidity-enhancing fiscal action acted as a catalyst for sentiment-driven momentum, preliminary evidence suggests the index’s rise alone does not yet confirm medium-term public economic stability without corroborating improvements in macro-fundamental indicators.
Co-Authors Ardhy Asyhabie Boni Saputra Nadila Vhitra Januar