Foreign investors intensified their net selling activity in the domestic stock market during the week of March 9–13, 2026. Data from the Indonesia Stock Exchange’s weekly statistics reveals a significant net sell of Rp 1.57 trillion, marking a sharp reversal from the previous week’s net buy of Rp 2.23 trillion.
This sustained foreign selling pressure coincided with a notable weakening of the Jakarta Composite Index (IHSG), which plummeted by 5.91% weekly. The index closed at 7,137.21, down from 7,585.68 in the preceding week. This downturn was also reflected in a contraction of the average daily transaction value, which fell to Rp 17.2 trillion from Rp 24.9 trillion the week prior.
Furthermore, the total market capitalization of the exchange experienced a substantial decline of nearly Rp 949 trillion within the week, settling at Rp 12,678 trillion. This broad-based decline indicates widespread pressure across the majority of large-capitalization stocks. Globally, investors were seen engaging in profit-taking and reducing their risk exposure in emerging markets, including Indonesia, following an earlier rally in the year.
The bulk of this week’s foreign selling activity targeted big-cap stocks that carry significant weight in the index. Prominent banking shares such as PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Central Asia Tbk (BBCA) experienced considerable weakening. This trend was mirrored in the telecommunications sector with PT Telkom Indonesia Tbk (TLKM), as well as several conglomerate and energy issuers.
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A sharp correction was also evident in shares of PT Barito Renewable Energy Tbk (BREN), PT Dian Swastatika Sentosa Tbk (DSSA), and PT Energi Mega Persada Tbk (ENRG), which acted as major drag factors on the IHSG’s movement throughout the week. The intense pressure on these stocks made it challenging for the index to maintain its ground, even as some coal and commodity stocks recorded limited gains.
Conversely, trading activity remained concentrated in highly liquid stocks. The largest transaction values were recorded for PT Bumi Resources Tbk (BUMI), BBCA, BMRI, BBRI, and TLKM, followed by energy stocks like ENRG, PT Petrosea Tbk (PTRO), and PT Medco Energi Internasional Tbk (MEDC).
In terms of trading volume, energy and conglomerate group stocks such as BUMI, GOTO, BNBR, and BIPI dominated, remaining actively traded amidst the broader market pressure. This suggests that investors are actively rotating their portfolios, even as aggregate foreign funds exit the market.
Some of the IHSG’s top laggards this week include:
- BBRI declined 4.36%
- TLKM declined 6.9%
- BMRI declined 4.62%
- BBCA declined 1.79%
- ASII declined 4.9%
- AMMN declined 19.18%
- BREN declined 18.45%
- DSSA declined 11.24%
- ENRG declined 22.74%
Stocks with the largest transaction values:
- BUMI Rp 5.14 trillion
- BBCA Rp 4.63 trillion
- BMRI Rp 3.83 trillion
- BBRI Rp 3.00 trillion
- TLKM Rp 2.70 trillion
- ENRG Rp 2.66 trillion
- PTRO Rp 2.49 trillion
- MEDC Rp 2.46 trillion
The pressure on the domestic market was inextricably linked to prevailing negative global sentiment. During the same period, the majority of Asian and emerging markets experienced significant weakening, with Vietnam and India, for instance, declining by more than 5% in a single week.
This global pressure prompted foreign investors to temporarily withdraw funds from emerging markets. With the reversal of foreign positions into a net sell, the short-term movement of the IHSG is anticipated to remain highly volatile. Without strong positive catalysts, whether from global or domestic sources, the pressure on large-capitalization stocks is likely to continue limiting the index’s upward potential in the coming weeks. Should foreign selling persist next week, the IHSG is projected to remain volatile with a tendency to weaken, particularly in the absence of fresh positive catalysts.