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Scrambling for Control of the Capital Market

Monday, February 9, 2026

The credibility of Indonesia’s stock market and fiscal policy is under global scrutiny. Politicians are instead scrambling for control.

arsip tempo : 177308060843.

A digital screen displays the movement of the Jakarta Composite Index (IHSG) at the Indonesia Stock Exchange, Jakarta, January 29, 2026. Tempo/Tony Hartawan. tempo : 177308060843.

IN a multiparty presidential system, consociational power-sharing is almost inevitable—especially when a directly elected president lacks strong party backing in the legislature. A president who builds a governing coalition ultimately becomes the center of power, supported by multiple parties, none of them dominant.

That is the reality of Prabowo Subianto’s administration. The Gerindra Party did not win the general election. Prabowo

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