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# Indonesia daily brief, Oct 22, 2026: IHSG up 1.12% as rupiah slips
- URL: https://bullquill.com/indonesia-stocks-daily-brief-2026-10-22/
- Published: 2026-10-22T09:43:13.000Z
- Updated: 2026-10-24T07:11:50.000Z
- Description: Jakarta's IHSG gained for a third session, led by state-owned banks and Danantara buying, while foreigners kept selling and the rupiah weakened after Bank Indonesia's rate hold and reserve cut.
- Author: Rowan Ashby
- Tags: Markets, Daily Brief, Indonesia, Bank Indonesia, Rupiah, MSCI, Danantara, #lang-en, #tr-indonesia-stocks-daily-brief-2026-10-22

## Key takeaways

- The Jakarta Composite Index (IHSG) closed up 59.54 points, or 1.12%, at 5,387.91 on Thursday, October 22, 2026\. It was the index's third straight gain, according to CNBC Indonesia, Kontan and Bloomberg Technoz.
- The IHSG has risen almost 8% over three sessions after losing about 16% in the week of October 15–19, which followed MSCI's proposal to reclassify Indonesia, Bloomberg Technoz reported.
- The rupiah weakened 0.21% to 18,060 per US dollar, Kontan reported, the day after Bank Indonesia held its BI-Rate at 5.75% and cut bank reserve requirements.
- Foreign investors were still net sellers at midday, with net sales of Rp576.78 billion in the first session, according to Kompas and CNBC Indonesia, citing exchange data.
- State-owned banks led the gains. Danantara, the sovereign investment agency, said it had begun buying shares, CNBC Indonesia reported.

## Session recap

The IHSG opened lower at 5,247.98 and fell about 2% early in the day. It then reversed, reaching an intraday high of 5,422.59 before settling at 5,387.91, CNBC Indonesia reported, citing Refinitiv data. At the end of the first session (12:00 WIB, 05:00 UTC) the index stood near 5,418–5,419, up about 1.7%. Advancers clearly beat decliners: Kontan and CNN Indonesia counted 467 stocks up, 204 down and 123 unchanged. Ten of the 11 sector indices rose, led by energy, and technology was the only sector to fall.

__Indonesia market snapshot, October 22, 2026__
| Instrument                                  | Close/Level               | Change | % change | As of (UTC)        | Source                                                |
| ------------------------------------------- | ------------------------- | ------ | -------- | ------------------ | ----------------------------------------------------- |
| Jakarta Composite (IHSG)                    | 5,387.91                  | +59.54 | +1.12%   | 2026-10-22 09:00   | CNBC Indonesia (Refinitiv); Kontan; Bloomberg Technoz |
| LQ45                                        | about 545                 | +8.81  | +1.64%   | 2026-10-22 09:00   | Kontan (single source)                                |
| USD/IDR spot (higher means a weaker rupiah) | 18,060                    | +38    | +0.21%   | 2026-10-22 \~08:00 | Kontan; CNN Indonesia                                 |
| USD/IDR, Refinitiv close                    | 18,045                    | +45    | +0.25%   | 2026-10-22 \~08:00 | CNBC Indonesia                                        |
| JISDOR, October 22                          | n/a                       | n/a    | n/a      | n/a                | Bank Indonesia (not retrievable at writing)           |
| JISDOR, October 21 (previous fixing)        | 17,986                    | \-20   | \-0.11%  | 2026-10-21         | Bank Indonesia                                        |
| Foreign net flow, first session             | Rp576.78 billion net sold | n/a    | n/a      | 2026-10-22 05:00   | Kompas; CNBC Indonesia                                |
| Foreign net flow, full day                  | n/a                       | n/a    | n/a      | n/a                | No confirmed figure at writing                        |
| Turnover (value traded)                     | Rp15.31 trillion          | n/a    | n/a      | 2026-10-22 09:00   | CNBC Indonesia (Refinitiv)                            |

The IDX closes at 16:00 WIB (09:00 UTC); rupiah quotes are from about 15:00 WIB. Turnover estimates differ (Kontan: Rp15.74 trillion; CNN Indonesia: Rp16.16 trillion). The October 22 JISDOR rate could not be retrieved at writing. Bernas gave a smaller first-session foreign net sale of Rp70.71 billion for all markets.For the bigger picture, see why [IHSG foreign selling hit a record](https://bullquill.com/ihsg-foreign-selling-msci-trend/).

## What drove it

### Large caps and state-owned banks

Big stocks drove the gain. Bloomberg Technoz said Bank Rakyat Indonesia (BBRI) added 13.33 points to the index, Bank Mandiri (BMRI) 8.82 points and Amman Mineral (AMMN) 8.04 points. Kontan listed Mitra Adiperkasa (MAPI, +10.76%), AMMN (+5.61%) and Bank Negara Indonesia (BBNI, +4.92%) as the top LQ45 gainers. GoTo (-3.85%) and Barito Pacific (-3.03%) were among the biggest decliners. CNBC Indonesia said state-owned names, including Telkom and Aneka Tambang, led the gains.

### Danantara and buybacks

Pandu Sjahrir, chief investment officer of Danantara Indonesia, said at a briefing in Jakarta that the agency had "already started buying" listed shares, CNBC Indonesia reported. He gave no total amount. The same report noted existing buyback programs at Bank Mandiri (Rp1.17 trillion), BNI (Rp627 billion) and Telkom (up to Rp4 trillion, with more than Rp3 trillion still unused as of October 19).

### Bank Indonesia's policy mix

On October 21, Bank Indonesia held the BI-Rate at 5.75%, while many economists had expected a hike, and raised the deposit facility rate by 25 basis points to 5.00%, Antara reported. A basis point is one-hundredth of a percentage point. Kontan, citing Reuters, reported that reserve requirements for conventional banks will fall from 9% to 8% by early November and to 7% on December 1\. That frees about Rp190 trillion of bank liquidity. BI also increased incentives for hedging with domestic non-deliverable forwards (DNDF), a rupiah hedging tool for foreign investors. Gareth Leather of Capital Economics called the package "very confusing," Kontan reported, because it tries to support the currency and growth at the same time.

### Rupiah, oil and foreign selling

The rupiah fell despite BI's measures. CNBC Indonesia said Brent crude rose about 2.6% to around $111.64 a barrel on Middle East tensions, which raises Indonesia's need for dollars to pay for energy imports. MUFG's Lloyd Chan said the measures may slow the rupiah's fall but not reverse it. He said the bank remains "cautious on IDR as the external and portfolio-flow headwinds persist," FXStreet reported. Midday data showed foreign investors still selling, with Bank Central Asia (BBCA) the most-sold stock.

### Regional backdrop

Jakarta rose while most of Asia fell. CNN Indonesia reported that Hong Kong's Hang Seng lost 3.03% and Japan's Nikkei 225 2.65%. **Analysis:** the gap suggests that Thursday's move was driven mainly by local buyers and domestic policy news rather than by global risk appetite. Continued foreign selling supports that reading.

## Political & policy watch

### Prabowo's response to MSCI

At a full cabinet meeting on October 21, President Prabowo Subianto accused MSCI of trying to intimidate Indonesia and said the nation "fears no one," Tempo and Kompas reported. Tempo said MSCI responded that its decisions follow transparent, rules-based methods.

### The MSCI consultation and exchange reforms

MSCI's consultation on moving Indonesia from Emerging Market to Standalone status runs until April 30, 2027, with a decision due by June 30, 2027, CNBC Indonesia reported. The Indonesia Stock Exchange said last week that it will remove high-shareholding-concentration stocks from the IHSG calculation and expand ownership disclosure. No effective date has been announced. For background, see our [explainer on MSCI and Indonesian capital flows](https://bullquill.com/indonesia-capital-flows-msci-standalone-oct-2026/).

## What it means

**Analysis.** Three days of gains have recovered a large part of the previous week's losses, but the drivers are mostly domestic: state-linked buying, company buybacks and cheaper bank funding. The rupiah's fall and continued foreign selling show that the external pressures have not eased. Whether foreign investors return depends largely on progress on the transparency issues MSCI raised, a slower process than a central bank decision. Read more in our [report on BI's October decision](https://bullquill.com/bank-indonesia-holds-bi-rate-october-surprise/) and the [previous Indonesia brief](https://bullquill.com/indonesia-stocks-daily-brief-2026-10-21/).

## What to watch next

- **October 27–28:** US Federal Reserve meeting. CNBC Indonesia said the European Central Bank and Bank of Japan also decide next week.
- **November 1:** Conventional banks' reserve requirement falls to 8% (MUFG via FXStreet).
- **Early November:** October inflation and third-quarter GDP from Statistics Indonesia (BPS), and October foreign-exchange reserves from Bank Indonesia.
- **November 2026:** MSCI's quarterly index review, with increases to Indonesian index weights frozen.
- **December 1:** Reserve requirement falls to 7%.
- **To be announced:** Effective date for removing high-concentration stocks from the IHSG.
- **April 30, 2027 / June 30, 2027:** MSCI consultation closes / decision deadline.

Next session: our [IHSG brief for Oct. 23](https://bullquill.com/indonesia-stocks-daily-brief-2026-10-23/).

## Risk checklist for readers

- **Volatility is still extreme.** On Thursday the index fell about 2% after the open, then finished 1.12% higher. Sharp rebounds can reverse.
- **Compare price with flows.** A rising index while foreigners sell means local buyers are carrying the market. Daily IDX foreign-flow data show whether that is changing.
- **Watch the currency.** A weaker rupiah reduces returns in dollar terms and raises costs for importers and companies with dollar debt.
- **Policy dates matter.** The reserve-requirement steps, the Fed meeting and BPS data releases are scheduled events that can move prices.
- **Index rules are changing.** Removing high-concentration stocks will change the make-up of the IHSG, so levels before and after may not be directly comparable.
- **Check primary sources.** Media figures for turnover and flows can differ; IDX, Bank Indonesia and OJK publish the official data.

## Frequently asked questions

### What is the IHSG?

The IHSG (Indeks Harga Saham Gabungan), also called the Jakarta Composite Index, tracks the prices of stocks listed on the Indonesia Stock Exchange, weighted by market value. Regular trading closes at 16:00 Western Indonesian Time (09:00 UTC).

### What is JISDOR?

JISDOR (Jakarta Interbank Spot Dollar Rate) is Bank Indonesia's daily reference rate for the US dollar against the rupiah, based on interbank transactions. It can differ from closing spot quotes from Bloomberg or Refinitiv because the method and time of measurement differ.

### Why do foreign net flows matter for Indonesian stocks?

Foreign investors hold a large share of the biggest Indonesian stocks, so their net buying or selling, published daily from exchange data, shows whether a move has broad support. In October 2026 foreigners kept selling even as the index rose, which means local buyers drove the rebound.

## Sources

- [CNBC Indonesia: IHSG closes 1.12% higher at 5,387 (in Indonesian)](https://www.cnbcindonesia.com/market/20261022160501-17-778649/ihsg-ditutup-menguat-112-ke-level-5387?ref=bullquill.com)
- [Kontan: IHSG up 1.12% at 5,387; MAPI, AMMN, BBNI top LQ45 gainers (in Indonesian)](https://investasi.kontan.co.id/news/ihsg-menguat-112-ke-5387-pada-kamis-2210-mapi-ammn-bbni-top-gainers-lq45?ref=bullquill.com)
- [Bloomberg Technoz: IHSG rises for a third day (in Indonesian)](https://www.bloombergtechnoz.com/detail-news/125449/ihsg-hari-ini-naik-3-hari-beruntun-terbaik-asia?ref=bullquill.com)
- [CNN Indonesia: IHSG jumps 1.12%, 467 stocks up (in Indonesian)](https://www.cnnindonesia.com/ekonomi/20261022161849-92-1418481/ihsg-melonjak-112-persen-ke-5387-467-saham-menguat?ref=bullquill.com)
- [CNBC Indonesia: State-owned stocks bought, Danantara starts buying (in Indonesian)](https://www.cnbcindonesia.com/market/20261022162355-17-778656/saham-saham-bumn-diborong-kawal-ihsg-parkir-di-zona-hijau?ref=bullquill.com)
- [Kompas: Foreigners net sell Rp576 billion in first session (in Indonesian)](https://money.kompas.com/read/2026/10/22/125229926/asing-net-sell-rp-576-miliar-di-sesi-i-saham-bbca-dan-bbri-paling-banyak?ref=bullquill.com)
- [CNBC Indonesia: Rp576.7 billion foreign outflow in first session (in Indonesian)](https://www.cnbcindonesia.com/market/20261022124028-17-778559/dana-asing-kabur-rp5767-m-di-sesi-i-saham-bca-paling-banyak-dibuang?ref=bullquill.com)
- [Kontan: Rupiah spot closes 0.21% weaker at 18,060 (in Indonesian)](https://investasi.kontan.co.id/news/rupiah-spot-ditutup-melemah-021-ke-rp-18060-per-dolar-as-pada-kamis-22102026?ref=bullquill.com)
- [CNBC Indonesia: Rupiah weakens to 18,045 (in Indonesian)](https://www.cnbcindonesia.com/market/20261022150333-17-778623/rupiah-kembali-melemah-dolar-as-kini-parkir-di-rp18045?ref=bullquill.com)
- [Bank Indonesia: JISDOR reference rate](https://www.bi.go.id/id/statistik/informasi-kurs/jisdor/default.aspx?ref=bullquill.com)
- [Antara: BI rate holds at 5.75%, deposit facility at 5%](https://en.antaranews.com/news/437037/bi-rate-holds-at-575-percent-deposit-facility-rate-at-5-percent?ref=bullquill.com)
- [Kontan English: Bank Indonesia keeps benchmark steady, cuts required reserves](https://english.kontan.co.id/news/bank-indonesia-keeps-benchmark-steady-cuts-required-reserves-after-stock-market-rout?ref=bullquill.com)
- [FXStreet: BI measures may slow IDR losses, says MUFG](https://www.fxstreet.com/news/indonesian-rupiah-bi-measures-may-slow-idr-losses-against-us-dollar-mufg-202610220714?ref=bullquill.com)
- [Tempo: Prabowo accuses MSCI of intimidating Indonesia](https://en.tempo.co/read/2122085/prabowo-accuses-msci-of-intimidating-indonesia-after-stock-market-rout?ref=bullquill.com)
- [Kompas: MSCI pressure and Prabowo's response (in Indonesian)](https://nasional.kompas.com/read/2026/10/22/05114441/ketika-msci-menekan-indonesia-dan-prabowo-tegaskan-tak-gentar?page=all&ref=bullquill.com)
- [Bernas: IHSG up 1.7% at midday, foreign flows (in Indonesian)](https://bernas.id/nasional/news/ihsg-menguat-17-persen-ke-5418-siang-ini-asing-jual-bersih-rp7071-miliar-2026-10-22?ref=bullquill.com)

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