Foreign Selling Pressure Dominates First Session, IHSG Slips
The Indonesian stock market opened with a cautious tone on Tuesday (Sept 29, 2026). The IHSG fell 12.86 points, or 0.21%, to 6,135 at the close of the first session, according to CNBC Indonesia data. The index touched an intraday low of 6,013.08 around 09:30 WIB before recovering to a high of 6,150.55 near midday. However, profit-taking subsequently dragged the index back into negative territory.
Foreign Fund Flows: Significant Net Sell
According to Stockbit Sekuritas data cited by CNBC Indonesia, foreign investors recorded a net foreign sell of IDR 365.88 billion across the market during the first session. Total foreign transaction value reached IDR 5.61 trillion, comprising IDR 2.62 trillion in net purchases and IDR 2.99 trillion in net sales.
| Stock | Net Sell (IDR Billion) |
|---|---|
| ADMF (Adira Dinamika Multi Finance) | 243.05 |
| BMRI (Bank Mandiri) | 104.54 |
| BBCA (Bank Central Asia) | 75.20 |
| TLKM (Telkom Indonesia) | 63.57 |
| ADRO (Alamtri Resources Indonesia) | 39.89 |
ADMF was the primary target for foreign selling, significantly outpacing other blue-chip stocks. Selling was also recorded in BMRI and BBCA, Indonesia's two largest banks, indicating global investor caution regarding the banking sector.
Impact of IDX Policy and External Factors
This high volatility coincided with the implementation of a new policy by the Indonesia Stock Exchange (IDX), which lowered the minimum stock price from IDR 50 to IDR 1 per share in the regular and cash markets starting Monday (Sept 28, 2026). While the policy aims to broaden the trading range and enhance liquidity, it has triggered selling pressure on high-risk stocks, commonly referred to as "gocap" (penny stocks).
"We assess that the combination of domestic regulatory changes and external pressures has created a more volatile environment for foreign investors," said a market analyst.
Externally, the strengthening US dollar and tighter global monetary policy continue to weigh on emerging markets. The rupiah also weakened against the US dollar in early-week trading, adding pressure to rupiah-denominated assets.
Stocks Still Attracting Foreign Interest
Amid the dominance of selling activity, several stocks still attracted foreign investors. BBRI recorded the largest net buy at IDR 66.87 billion, followed by TPIA (IDR 30.93 billion) and ASII (IDR 21.68 billion). This suggests that foreign investors remain selective, favoring assets with strong fundamentals.
Market participants are now watching how the market responds in the second session, particularly whether selling pressure will persist or if a more significant recovery will emerge. High volatility is expected to remain a characteristic of short-term trading.
Sources
- Foreign Net Sell IDR 365 Billion in First Session, Selling ADMF to BBCA — CNBC Indonesia
- End of First Session, IHSG Down 0.21% — CNBC Indonesia
- IDX Lowers Minimum Price Limit, "Gocap" Stocks Can Be Traded — CNBC Indonesia