Foreign investors continued their retreat from the Indonesian stock market, logging significant net sells between May 25 and May 29, 2026. Despite this persistent selling pressure, major banking stocks and companies associated with conglomerate Prajogo Pangestu remained the primary drivers of trading activity on the Indonesia Stock Exchange (IDX).
According to IDX data, foreign investors recorded a net sell of IDR 12.34 trillion for the week. This figure marks a sharp increase from the previous week’s net sell of IDR 691.54 billion. Cumulatively, from the beginning of the year to date (YtD), foreign investors have offloaded a total of IDR 53.97 trillion in equities. As a result of this capital outflow, the Jakarta Composite Index (JCI) closed the week down 0.56%, settling at 6,127.381 on Friday (May 29), compared to 6,162.045 the previous week.
However, the dip in the index did not dampen market activity; in fact, trading value surged. The average daily transaction value on the IDX climbed by 30.37% to reach IDR 28.38 trillion, up from IDR 21.77 trillion the week prior. Furthermore, market capitalization grew by 0.88%, reaching a total of IDR 10,729 trillion.
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While transaction values rose, trading liquidity saw a slight cooling in terms of volume and frequency. The average daily transaction volume dropped by 15.6% to 30.95 billion shares, and the frequency of transactions decreased by 10.87% to 2.11 million trades per day.
Large-cap stocks remained the focal point for market participants. PT Bank Central Asia Tbk (BBCA) emerged as the most actively traded stock, accounting for IDR 9.66 trillion in trading value, or approximately 11.35% of the week’s total transactions. Amman Mineral Internasional (AMMN) followed with IDR 6.02 trillion, and Chandra Asri Pacific (TPIA) rounded out the top three with IDR 5.68 trillion. Other prominent banking stocks, such as Bank Rakyat Indonesia (BBRI) and Bank Mandiri (BMRI), also maintained positions among the top five most traded stocks.
In terms of transaction frequency, Chandra Asri Pacific (TPIA) led the market with 255,000 trades, followed closely by Barito Pacific (BRPT) with 252,000 trades, and BBCA with 182,000 trades.
The stocks within Prajogo Pangestu’s group played a pivotal role in stabilizing the index throughout the week. Barito Renewables Energy (BREN) was a standout performer, surging 34.69% to become one of the top gainers, contributing a significant 31.36 points to the JCI’s movement. Other group stocks, including Barito Pacific (BRPT) and Petrindo Jaya Kreasi (CUAN), also posted impressive weekly gains of 20.87% and 22.33%, respectively, earning them spots among the top index leaders.
Kautsar Primadi Nurahmad, Corporate Secretary of the Indonesia Stock Exchange, noted that trading throughout the week showed mixed results. While the JCI ended in negative territory, the growth in average transaction value and market capitalization highlights a resilient market.
Foreign selling pressure remains a key sentiment factor for investors, especially given the continuous capital outflows observed throughout the year. Nonetheless, the high interest in large-cap stocks and major conglomerates suggests that domestic investors remain robust, providing a crucial floor for market activity amidst broader economic uncertainty.
Summary
Foreign investors intensified their exit from the Indonesian stock market, recording a net sell of IDR 12.34 trillion between May 25 and May 29, 2026. This significant capital outflow contributed to a 0.56% decline in the Jakarta Composite Index, which closed the week at 6,127.381. Year-to-date, total foreign net selling has reached IDR 53.97 trillion, reflecting persistent selling pressure on local equities.
Despite the index decline, market activity remained high, with average daily transaction values surging by over 30% to IDR 28.38 trillion. Major large-cap stocks like BBCA, AMMN, and TPIA dominated trading volumes, while Prajogo Pangestu’s group, particularly BREN and BRPT, provided essential support to the market. This resilience suggests that strong domestic interest continues to sustain trading activity despite broader economic uncertainty and foreign outflows.