He explained that the JCI's correction, which fell 3.46 percent to 6,100.14 in Thursday's trading, occurred because investors lacked certainty regarding the direction of this new entity.
"When there is uncertainty, they are usually afraid and sell (the stocks). But once they understand the actual impact, the JCI price will rise," Purbaya told reporters at the Coordinating Ministry for Economic Affairs in Jakarta on Thursday.
PT DSI operates directly under the Danantara Investment Management Agency (BPI), with the primary task of reforming the management of export for a number of strategic commodities, including palm oil, coal and ferroalloys.
Among the factors behind the establishment of DSI was the alleged practice of under-invoicing in commodity exports, which is said to have cost the state up to Rp15,400 trillion over 34 years.
“The issue of under-invoicing will be addressed through the establishment of this export agency. Money that was previously manipulated through overseas entities should now be directly reflected in net sales,” Purbaya said.
He added that the mechanism is expected to provide significant benefits for companies listed on the stock exchange.
“The companies will benefit. Their profits could potentially double compared to what has been previously reported by listed firms. This should ultimately increase the valuation of companies listed on the stock exchange,” Purbaya explained.
Earlier on Wednesday (May 20), the government announced the establishment of PT DSI as a state-owned enterprise specifically tasked with managing and overseeing export transactions involving strategic natural resource commodities.
DSI will operate in two phases. In the first phase, from June 1 to December 31, 2026, DSI will act as an appraiser and intermediary between sellers and buyers of certain export commodities.
Starting in January 2027, DSI will transform into a trading company that directly purchases commodities from exporters, holds the goods and assumes trade risks before selling them to the international market.
Proceeds from the sale of these commodities will be received in the foreign currency of the destination country, while adhering to applicable international trade practices. The proceeds from the sale will be fully repatriated to Indonesia.
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Translator: Imamatul Silfia, Yashinta Difa
Editor: M Razi Rahman
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