After global ratings agency S&P Global Ratings upgraded Indonesia’s status to investment level in May, the Jakarta Composite Index (JCI) — the gauge of the Indonesia Stock Exchange (IDX) — broke several records.

It reached its peak at 5,829 on June 22, right before the Idul Fitri holidays. Eighteen companies have conducted initial public offerings (IPO) as of June, whereas last year, only 16 companies went public.

"Last year, the Indonesia Stock Exchange targeted 35 IPOs, but revised the figure down due to economic conditions. It has set the same target for this year and I think it is feasible," OJK capital market supervision commissioner Nurhaida said on Monday during an open house event at OJK chairman Muliaman Hadad’s official residence in South Jakarta.

Nurhaida added that the increasing number of local investors also reflected the positive situation.

According to the Indonesian Central Securities Depository (KSEI), the number of total investors reached 1 million as of June 7.

KSEI president director Frederica Widyasari Dewi said that domestic ownership in the stock market had already exceeded foreign ownership, accounting for 52 percent.

"In the past, foreign ownership stood at 60 to 75 percent," she said. (tas)