Foreign Investor Sentiment Shifts: Indonesian Stocks See Mixed Activity

Jakarta – A notable shift in investor sentiment played out on the Indonesian Stock Exchange (IDX) Wednesday, January 27, 2026, as foreign investors recorded a net sell position of IDR 1 trillion during the first trading session. This indicates a cautious approach from international portfolios, despite overall market resilience. The fluctuations highlight the complex dynamics influencing Southeast Asian markets.

Key Stocks under Pressure

Bank Central Asia (BBCA) bore the brunt of the foreign selling, experiencing a net sell of IDR 549.5 billion, impacting over 73 million shares traded. This selling pressure contributed to a 1.63% correction in BBCA’s share price, settling at 7,525. Antam (ANTM) also faced meaningful offloading, with a net sell of IDR 205.4 billion from foreign investors. This came after a substantial 10.96% surge in ANTM’s stock value the previous trading day, suggesting profit-taking activity.

Beyond these two heavyweights,Bank Mandiri (BMRI),Astra International (ASII),and Archi Indonesia (ARCI) also saw net foreign selling,contributing to the overall downward pressure. A complete overview of the top five stocks affected by foreign divestment is presented below:

Why did foreign investors withdraw IDR 1 trillion from Jakarta’s stock market during Session 1?

Foreign Investor Activity in Jakarta: IDR 1 Trillion Shift in Session 1

Today’s trading session in Jakarta saw a significant outflow of funds from foreign investors, totaling IDR 1 trillion. This ample sell-off has sparked interest amongst market observers and investors alike, prompting analysis of the driving factors and potential implications for the Indonesian stock market. This article breaks down the key details of this event, focusing on the leading stocks involved and offering context for understanding the current market sentiment.

BBCA Leads the Sell-Off: A Closer Look

Bank Central Asia (BBCA), one of Indonesia’s largest and most influential banks, experienced the heaviest selling pressure from foreign investors during Session 1. The volume of BBCA shares offloaded contributed substantially to the overall IDR 1 trillion outflow.

* Potential Reasons for BBCA Sell-Off: Several factors could be contributing to this trend. These include profit-taking after a period of strong performance,concerns about potential regulatory changes impacting the banking sector,or a broader shift in portfolio allocation by international funds.

* Impact on BBCA Share Price: While the exact impact requires real-time data analysis, a substantial sell-off typically exerts downward pressure on share prices. Investors are closely monitoring BBCA’s performance in subsequent sessions to gauge the sustainability of this trend.

* BBCA’s Past Performance: BBCA has consistently been a favorite amongst foreign investors due to its strong fundamentals and consistent profitability. This recent sell-off represents a notable deviation from the usual pattern.

DEWA Emerges as a top Buy: Contrasting Trends

In contrast to the widespread selling,PT Dewata United Indonesia Tbk (DEWA),a relatively newer player in the Indonesian market,saw significant buying activity from foreign investors. DEWA topped the list of stocks attracting foreign capital during Session 1.

* DEWA’s Sector & Growth Potential: DEWA operates in the energy sector, specifically focusing on power generation. The company’s growth potential, driven by indonesia’s increasing energy demands, may be attracting investor attention.

* Foreign Investor Appetite for Emerging Companies: This trend highlights a potential shift in investor strategy – a move towards emerging companies with high growth prospects, even amidst broader market uncertainty.

* DEWA’s Recent Financial Performance: A review of DEWA’s recent financial reports reveals positive revenue growth and improving profitability, potentially fueling investor confidence.

Broader Market Implications: What Does This Mean?

The simultaneous sell-off in established blue-chip stocks like BBCA and the buying interest in emerging companies like DEWA paints a complex picture of the Indonesian stock market.

* Risk-Off Sentiment: The IDR 1 trillion outflow suggests a degree of risk aversion amongst foreign investors. This could be linked to global economic uncertainties, geopolitical tensions, or concerns about domestic Indonesian economic policies.

* Sector Rotation: The contrasting activity in BBCA and DEWA indicates a potential sector rotation, where investors are shifting funds from traditional sectors (like banking) to growth sectors (like energy).

* Impact on the Jakarta Composite Index (JCI): A significant outflow of foreign funds can negatively impact the JCI, potentially leading to a market correction. However, the extent of the impact will depend on the overall market dynamics and the response of domestic investors.

Understanding Foreign Investor Behavior in Indonesia

Foreign investment plays a crucial role in the Indonesian economy and stock market. Understanding the factors influencing their investment decisions is vital for investors and policymakers.

* Global Economic Conditions: Global economic growth, interest rate policies in developed countries, and commodity prices all significantly impact foreign investment flows into Indonesia.

* Domestic Economic Policies: Government policies related to taxation, investment regulations, and infrastructure growth can either attract or deter foreign investors.

* Political Stability: Political stability and a predictable regulatory surroundings are essential for fostering investor confidence.

* Currency Fluctuations: The value of the Indonesian Rupiah (IDR) against major currencies can influence investment decisions. A weakening Rupiah can make Indonesian assets more attractive to foreign investors,while a strengthening Rupiah can have the opposite effect.

Historical Context: Similar Events & Outcomes

Looking back at previous instances of significant foreign outflows from the Jakarta stock market can provide valuable insights.

* 2018 Taper Tantrum: In 2018, rising US interest rates triggered a significant outflow of funds from emerging markets, including Indonesia. The rupiah depreciated sharply, and the JCI experienced a substantial correction.

* 2020 COVID-19 Pandemic: The onset of the COVID-19 pandemic led to a massive global sell-off, including in Indonesian stocks. However, swift government intervention and monetary easing helped to stabilize the market.

* Lessons Learned: These past events demonstrate the importance of proactive policy responses and maintaining a stable macroeconomic environment to mitigate the impact of foreign outflows.

Resources for Further Research

* Indonesia Stock Exchange (IDX): https://www.idx.co.id/

* Bank indonesia (BI): https://www.bi.go.id/en/

* Investing.com – Indonesia: [https://id.investing.com/](https

Economy

Analysts Forecast Indonesia’s Composite Index to Hit 10,000 by 2026, Spotlighting Consumer, Mining and Large‑Cap Leaders

by Daniel Foster - Senior Editor, Economy January 23, 2026

written by Daniel Foster - Senior Editor, Economy

Breaking: Indonesian IHSG Forecast for 2026 Eyes 7,500–10,000 Range as Key Sectors Spark Activity

Table of Contents

• 1. Breaking: Indonesian IHSG Forecast for 2026 Eyes 7,500–10,000 Range as Key Sectors Spark Activity
• 2. market Snapshot
• 3. Evergreen Perspective: What This Means for Investors
• 4. Two Questions for Readers
• 5. What are the main drivers behind Indonesia’s IDX composite hitting 10,000 by 2026?
• 6. Forecast Snapshot (2024‑2026)
• 7. 1. Core Drivers of the 10,000 Milestone
• 8. 2. Sector Deep Dive
• 9. 2.1 Consumer Staples & Discretionary
• 10. 2.2 Mining & Energy
• 11. 2.3 Large‑Cap Blue‑Chip Index Constituents
• 12. 3. Investment Strategy Implications
• 13. 3.1 Portfolio Allocation Tips
• 14. 3.2 Risk Management Considerations
• 15. 4. Practical Tips for Retail and Institutional Investors
• 16. 5. Real‑World Examples (2024‑2025)
• 17. 6. Frequently Asked Questions

Jakarta, Jan. 23, 2026 — The Indonesian Composite Stock Price Index (IHSG) is projected to move within a broad 7,500 to 10,000 band this year, with consumer names, commodity plays, and heavyweight blue chips seen as catalysts for potential gains.

Hans Kwee,a veteran market practitioner and co-founder of PasarDana,said the JCI could breach the 10,000 mark and even surpass it,underpinned by solid prospects among leading issuers across multiple sectors.

“We’re aiming for the IHSG to reach 10,000,and several consumer-oriented stocks are approaching that level—CMRY,MYOR,MAPI,ICBP,and AMRT look especially promising,” Kwee noted during a capital-market education session on Friday.

In metals and mining,Kwee highlighted positive momentum for ANTM,BRMS,MDKA,and MBMA. He also pointed to a potential revival in coal plays, citing ITMG, AADI, and PTBA, alongside other mining names such as ADMR and ADRO.

He also flagged the role of large-cap stocks in sustaining index momentum, naming BCA, Astra, and Telkom as meaningful contributors to benchmark movements.

Beyond sector shifts, Kwee stressed a changing market character — the IHSG is increasingly less dependent on foreign fund flows and more driven by domestic dynamics, even as overseas selling persists.

On the property front, the outlook remains muted for now, with potential for renewed enthusiasm in 2027, presenting long-term investors with selective opportunities.

At the close on Friday, January 23, 2026, the IHSG settled at 8,951.01, down 0.46% or 41.17 points. The index traded between 8,837.83 and 9,039.67 in the session, after an opening drop of more than 1%.

Market activity showed 521 decliners, 200 advancers, and 237 unchanged shares, with a total turnover of IDR 31.87 trillion and roughly 61 billion shares changing hands across 3.23 million trades. Market capitalization stood at about IDR 16,244 trillion.

Refinitiv data indicated the technology sector led gains, rising 1.38%, while most other sectors closed in negative territory. Raw materials fell 2.19%, utilities declined 1.95%, and industrials slipped 1.72%, with non-primary and primary consumer sectors down 1.37% and 0.84%, respectively.

Within the index, Mora Telematics Indonesia (MORA) advanced 8.1% late in the session, adding 9.08 points to the IHSG. Bank Rakyat Indonesia (BBRI) rose 1.05% and contributed 6.29 points,while BUMI closed up 3.45%, lifting the index by 3.12 points after a recent dip.

Among Prajogo Pangestu-associated issuers, Amman Mineral International (AMMN) bore the largest negative weight, dragging about 14.41 index points as it fell 6.19% to 7,200.Combined, Prajogo Pangestu group names such as Petrosea (PTRO), Barito Pacific (BRPT), Barito Renewables Energy (BREN), Chandra Asri Pacific (TPIA), and Petrindo Jaya Kreasi (CUAN) weighed on the IHSG by roughly 33.39 points.

market Snapshot