JAKARTA — The Indonesian capital market experienced a sharp correction on Wednesday (September 30, 2026). The Jakarta Composite Index (IHSG) closed down 0.83% or 50.56 points at 6,071.14, reversing a positive rally that had occurred earlier in the session. According to CNBC Indonesia data, the index briefly touched a daily high of 6,187 before turning around and falling to a low of 6,071.
_High volatility_ was evident with a trading spread of 116 points. Market activity was observed to be quiet, with a volume of 30.11 billion shares and a transaction value of Rp14.01 trillion. This decline was led by the primary consumer sector, which fell 2.34%, followed by the technology sector (-0.95%). Conversely, the energy sector still managed to strengthen by 0.75%.
Foreign Fund Flows: Exiting Blue Chips
Foreign selling pressure was the main trigger for this correction. By the end of the first session, foreign investors recorded a net sell of Rp677.40 billion. Based on Stockbit Sekuritas data, foreign sales reached Rp2.69 trillion, far exceeding purchases of Rp2.02 trillion.
Major banking stocks were the primary targets of the sell-off:
| Stock | Net Sell (Rp Billion) | Notes |
|---|---|---|
| BBCA | 144.37 | Most sold by foreigners |
| TLKM | 64.56 | Technology sector pressure |
| BMRI | 44.49 | Rotation out of large banks |
| CUAN | 37.33 | Profit taking |
On the other hand, foreigners still accumulated commodity and defensive stocks to a limited extent. ANTM was the most bought stock with a net buy of Rp47.94 billion, followed by UNTR (Rp28.30 billion) and BBRI (Rp16.38 billion). We believe this shift in foreign preference from large banks to gold and mining commodities reflects an attempt to _hedge_ against global macroeconomic uncertainty.
Global Sentiment: Hawkish Fed & US Data
The IHSG's correction cannot be separated from external sentiment. New York Federal Reserve Bank President John Williams stated that the Fed still has time to observe data, but one additional interest rate hike is likely needed before the end of 2026. These hawkish comments fueled investor concerns globally, including in emerging markets like Indonesia.
In commodities, world oil prices weakened. Brent crude fell 2.6% to US$102.59 per barrel, and WTI dropped 3.5% to US$89.38 per barrel, following a recovery in oil exports from the Middle East. Despite the daily correction, Brent is still heading for a monthly gain of approximately 13%.
Analysis & Portfolio Implications
"We believe this correction is a natural response to a combination of currency pressure and higher global interest rate expectations. However, this weakness also opens up accumulation opportunities for blue-chip stocks with solid fundamentals, such as BBCA and BMRI, at lower levels."
Coordinating Minister for Economic Affairs Airlangga Hartarto views this weakening as medium-term market dynamics. The government and Bank Indonesia continue to monitor the exchange rate, while the Indonesia Stock Exchange reactivated short selling transactions on September 15, 2026, which could add to future volatility.
Investors are advised to monitor the release of US PCE inflation and economic growth data today, which will be key catalysts for global market movements in the short term.
Sources
- IHSG Tiba-Tiba Ambruk 0,83% ke Level 6.071, Ada Apa? — CNBC Indonesia
- Sesi I Asing Kabur Rp 677,4 Miliar, Saham BCA Paling Banyak Dilepas — CNBC Indonesia