Indonesia’s Stock Market: The Most Liquid Illusion You'll Ever Try to Trade

The IHSG is rising, but only a handful of stocks carry the index. Here's why Indonesia’s market may look open, but isn’t built for serious capital.

Indonesia’s benchmark stock index, the IHSG, is up 11.6% year-to-date, nearly neck-and-neck with those sharp-suited Singaporeans next door who pride themselves on order, efficiency, and actual liquidity. Even more impressively, Jakarta’s market is outrunning Japan, China, and just about every other regional neighbor, including the Philippines, Malaysia,…