The Jakarta Composite Index (IHSG) staged a remarkable comeback into the green zone this morning, Wednesday (September 10), surging by almost 1%. According to data from the Indonesia Stock Exchange (BEI) at 09:23 AM WIB, the IHSG recorded an impressive gain of 0.91%, reaching the 7,698 level. The index commenced trading at 7,682 and briefly touched an intraday high of 7,701, signaling renewed investor confidence.
This positive shift in the broader market was mirrored by a buoyant performance in major banking stocks. Shares of financial giants such as PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia Tbk (BBRI), and PT Bank Mandiri Tbk (BMRI) all saw significant gains, contributing to the overall market optimism.
Specifically, BBCA shares climbed by 2.33% or 175 points to close at 7,700. BBRI followed suit with a 2.37% increase, adding 90 points to reach 3,880. PT Bank Mandiri Tbk (BMRI) also advanced by 1.39% or 60 points, settling at 4,370, while PT Bank Negara Indonesia Tbk (BBNI) saw a modest rise of 0.49% or 20 points to 4,100.
Beyond the financial sector, property stocks also experienced an upward trend. PT Bumi Serpong Damai Tbk (BSDE) shares edged up by 1.38% or 15 points to 1,100. PT Pantai Indah Kapuk Dua Tbk (PANI) posted a substantial gain of 4.36% or 575 points, reaching 13,750, and PT Bangun Kosambi Sukses Tbk (CBDK) rose by 1.66% or 100 points, closing at 6,125.
IHSG Plunges Over 1% for Two Consecutive Days
Despite Wednesday’s recovery, the IHSG had previously endured a challenging period, falling by more than one percent for two consecutive trading days. This downturn was largely attributed to substantial foreign selling, particularly on Tuesday (September 9), which saw a significant net sell transaction reaching Rp 4.55 trillion.
This recent foreign divestment adds to a broader trend throughout the year, where net selling by foreign investors has already accumulated to a staggering Rp 60 trillion, reflecting sustained cautious sentiment among international players.
Interestingly, based on data from RTI Business, foreign investors recorded a net buy of Rp 4.55 trillion in the regular market on Tuesday (September 9). In contrast, the negotiated market on the same day saw net purchases totaling Rp 227.42 billion. Nonetheless, the IHSG plummeted by 1.78% to 7,628 during Tuesday’s trading session.
The selling pressure began earlier in the week. On Monday (September 8), foreign investors registered a net sell of Rp 526 billion. The IHSG, which had been trading in the green zone until 3:30 PM WIB that day, suddenly dropped by 1.28% and closed significantly lower following an announcement regarding a cabinet reshuffle.
A close examination of the past two trading days reveals that investors engaged in widespread selling of shares in major banks. PT Bank Central Asia Tbk (BBCA) was notably impacted, experiencing the largest foreign outflows with a substantial net sell totaling Rp 3.35 trillion.
Specifically, foreign investors recorded a net sell of BBCA shares amounting to Rp 1.25 trillion on Monday (September 8) and an additional Rp 2.1 trillion on Tuesday (September 9). Other prominent banking stocks like PT Bank Mandiri Tbk (BMRI) and PT Bank Negara Indonesia Tbk (BBNI) also faced sustained foreign selling pressure for two consecutive days. While foreign investors initially posted a net buy of PT Bank Rakyat Indonesia Tbk (BBRI) shares worth Rp 73.55 billion on Monday (September 8), this trend reversed sharply on Tuesday (September 9) with a significant net sell of Rp 468.65 billion.
Summary
The Jakarta Composite Index (IHSG) marked a notable rebound on Wednesday, September 10, surging by 0.91% to reach the 7,698 level. This recovery was significantly propelled by major banking stocks, with PT Bank Central Asia (BBCA), PT Bank Rakyat Indonesia (BBRI), and PT Bank Mandiri (BMRI) all recording substantial gains. Additionally, several property stocks also demonstrated an upward trend, reflecting renewed market optimism.
This positive shift followed two challenging trading days where the IHSG had fallen by over one percent, primarily due to significant foreign selling pressure. Foreign investors recorded a substantial net sell of major bank shares, especially BBCA, contributing to the broader market decline. Overall, foreign divestment for the year has accumulated to approximately Rp 60 trillion, indicating sustained cautious sentiment.