IHSG weekly: up 4.9% as foreigners net sell Rp6.67 trillion

Key takeaways

• Indonesia's IHSG (Jakarta Composite Index) gained 4.90% in the week of October 19–23, 2026, closing at 5,439.26, according to Indonesia Stock Exchange (IDX) data reported by Kontan, Katadata and Jakarta Globe.
• Foreign investors still net sold Rp6.67 trillion of shares over the same week, according to IDX weekly statistics cited by Katadata. That is more than double the Rp3.19 trillion of the week before.
• The rebound came from domestic buying, the IDX reform package and hopes of investment by Danantara, according to Jakarta Globe and Bloomberg via The Star. Foreign selling is linked to MSCI's proposal to move Indonesia to Standalone status.
• The IHSG is still about 40.5% below its January 20 record of 9,134.70 and down 37.10% since the start of 2026.
• Reports differ on whether foreigners sold on every session. The "seven straight sessions" count could not be confirmed because October 21 figures conflict.

IHSG weekly rebound: the trend in numbers

The IHSG weekly tally shows a 4.90% gain to 5,439.26 in the week to October 23, but foreign investors net sold Rp6.67 trillion over those five sessions, according to IDX weekly data cited by Katadata. Local money carried the rally, not foreign money.

The week opened with the index briefly falling to an intraday low of 4,907.37 and closed near its high of 5,455.21, according to Katadata. Friday, October 23, was the fourth daily gain in a row: the index rose 0.95%, or 51.35 points, Kontan reported.

Foreign flows, day by day

The figures differ because some outlets count all markets and others only the regular market. On October 23, foreigners bought a net Rp330.57 billion in the negotiated and cash markets, which made the all-market total smaller than the regular-market total, according to Kontan. Moving averages and the 20-session change come from Yahoo Finance data and have not been checked against IDX records.

Why the IHSG rose while foreigners sold

Domestic buyers and the reform package

Investors weighed planned capital market reforms and possible investment by Danantara, the state investment agency, according to Jakarta Globe, which cited Pilarmas Investindo Sekuritas. The IDX said it would remove stocks with highly concentrated ownership from the index calculation and widen ownership disclosure, Bloomberg reported via The Star. IDX chief executive Jeffrey Hendrik said those stocks make up about 18% of the index weighting. Jakarta Globe reported that the exclusion is planned from November 2.

Big state-owned banks and Telkom led the gains. Bank Mandiri added 40.65 index points over the week, Bank Rakyat Indonesia 39.76 and Telkom Indonesia 31.31, according to Katadata. Bank Central Asia, the stock foreigners sold most, fell 2.9% and was the biggest drag.

MSCI's Standalone proposal keeps foreign money leaving

Foreign selling continues because MSCI is considering moving Indonesia from Emerging Market to Standalone status, according to Jakarta Globe and The Star. MSCI cited opaque shareholding structures and suspected coordinated trading, The Star reported. Its consultation runs until April 30, 2027, with a decision due by June 30, 2027. The proposal triggered the October 16 and October 19 sell-off, which took the index to its lowest close since 2020.

BRI Danareksa Sekuritas (BRIDS) warned that a downgrade could trigger another wave of active fund outflows, and estimated total outflows at $4.3 billion to $13.1 billion, with a base case of $7.5 billion, according to Jakarta Globe. Separately, Goldman Sachs estimated about $5.6 billion of passive outflows from a full removal, according to The Jakarta Post and IDN Financials. Both are estimates, not forecasts of what will happen.

Rupiah and global risk

The rupiah opened at Rp18,110 per US dollar on October 26, according to Bloomberg Technoz, close to its record low of 18,190 set in June. A weaker currency cuts returns for dollar-based investors. Bank Indonesia kept its BI-Rate at 5.75% and said it stands ready to act to support the rupiah, Jakarta Globe and Antara reported. Whether currency moves drove any specific day's selling has not been confirmed.

Key levels being watched

• 5,455: the weekly high on October 23, according to Katadata. The index fell back to 5,374.87 by 02:54 UTC on Monday, October 26 (Yahoo Finance).
• 5,400: a support level named in a Bloomberg Technoz market note on October 26.
• 5,185: the October 16 close after the 11.57% one-day fall, and the base for the 4.90% weekly gain.
• 4,997 and 4,907: the October 19 closing low and the weekly intraday low, according to Kontan and Katadata.
• 6,217 and 6,949: the 50-day and 200-day moving averages (Bullquill calculation). The index sits far below both, a sign the longer downtrend has not reversed.
• 6,000: BRIDS lowered its end-2026 index projection to 6,000 from 7,200, according to Jakarta Globe.

What we know and what we don't know yet

What we know

• The IHSG rose 4.90% in the week to October 23, and foreign investors were net sellers over the week, according to IDX statistics.
• Foreign net selling in 2026 is the largest on record, according to IDX data cited by The Jakarta Post.
• MSCI has not made a final decision; Indonesia is still classed as an Emerging Market.

What we don't know yet

• Whether foreigners sold on every session. The October 21 figure differs between outlets, so the reported streak of seven sessions and its Rp11.72 trillion total could not be confirmed.
• How much Danantara has bought. The agency has not published a total.
• Whether the selling comes from passive funds preparing for an exit or active managers cutting risk. The cause of each day's flow has not been confirmed.

What it means

Analysis. A 4.90% weekly gain with Rp6.67 trillion of foreign net selling shows a market supported by domestic buyers and policy news, while foreign investors keep reducing positions. Pilarmas said the rebound's durability depends on "the actual realization of investments," according to Jakarta Globe. Monday's early drop below 5,400 shows how quickly gains can fade. Signs to watch are IDX data turning to steady foreign net buying, a stable rupiah and how the November 2 index change is carried out. For background, read our trend analysis of IHSG foreign selling, Monday's IHSG intraday alert, our explainer on MSCI and Indonesian capital flows, our report on Bank Indonesia's October decision and the October 23 Indonesia daily brief.

This article is for information only and is not investment advice.