Indonesia IHSG up 0.95% to 5,439: all sectors gain (Oct 23)

Key takeaways

• The Jakarta Composite Index (IHSG) closed up 51.35 points, or +0.95%, at 5,439.26 on Friday, October 23, 2026, its fourth straight gain, according to CNBC Indonesia and Yahoo Finance data.
• Every sector index rose. Consumer cyclicals (+3.13%) and industrials (+3.12%) led, followed by energy (+2.48%), Kontan and Investortrust reported.
• The LQ45 index of large, liquid stocks gained a smaller +0.46% to 547.05 as Bank Central Asia (BBCA) fell 2.90%, Kontan reported.
• Foreign investors were net sellers of Rp744.43 billion in the first session, according to Stockbit Sekuritas data cited by CNBC Indonesia and Suara.
• The rupiah slipped to 18,080 per US dollar, with USD/IDR up +0.11% (Kontan), and Bank Indonesia's JISDOR reference rate rose +0.12% to 18,069.00.

Session recap

IHSG today finished at 5,439.26, up +0.95%, after trading between 5,366.29 and 5,455.21. The index opened at 5,397.34 and reached its high near the close, CNBC Indonesia reported. Bloomberg Technoz said it was the best-performing major index in Asia on the day. Since the October 19 close of 4,996.61 (Yahoo Finance), the IHSG has risen 8.86% in four sessions.

IDX trading closes at 16:00 WIB (09:00 UTC); the rupiah quote is Kontan's 15:00 WIB close and JISDOR is fixed in the morning. Changes are calculated from the previous close (IHSG 5,387.91; LQ45 544.57; USD/IDR 18,060; JISDOR 18,047). Turnover estimates differ: Rp13.85 trillion (CNBC Indonesia), Rp15.31 trillion (Kontan). Kontan counted 477 gainers and 187 decliners. A full-day foreign flow figure was not available at writing.

What drove it

Broad sector gains, coal and industrials

The rally was wide rather than led by banks. In the first session, coal producers led: Bukit Asam (PTBA) rose 5%, Adaro Minerals (ADMR) 4.3% and Adaro Andalan (AADI) 3.3%, Kompas reported, as oil prices climbed again. By the close, the top LQ45 gainers were AKR Corporindo (AKRA, +5.30%), United Tractors (UNTR, +4.12%) and Darma Henwa (DEWA, +3.88%), according to Kontan. Several small caps hit the daily upper limit, Investortrust reported.

BBCA weighs on large caps

The LQ45 lagged the broader index because of losses in some heavyweights. Kontan listed Sumber Alfaria Trijaya (AMRT, −3.24%), BBCA (−2.90%) and Bank Tabungan Negara (BBTN, −2.56%) as the biggest LQ45 decliners. At midday, the state-owned banks BBRI, BMRI and BBNI were slightly higher while BBCA was down, Kontan reported.

Foreign investors still selling

Foreigners bought Rp2.62 trillion and sold Rp3.36 trillion of shares in the first session, a net sale of Rp744.43 billion across all markets, CNBC Indonesia and Suara reported, citing Stockbit Sekuritas. BBCA (Rp251.95 billion) and BBRI (Rp243.26 billion) were the most sold. The most-bought stocks were Dian Swastatika Sentosa (DSSA, Rp45.88 billion) and Astra International (ASII, Rp40.98 billion). On Thursday, foreigners net sold Rp1.49 trillion for the full day, Kontan reported. Analysis: a rising index with continued foreign selling means local investors are driving the rebound. Our analysis of record foreign selling in 2026 puts the numbers in context.

Rupiah, oil and the Middle East

The rupiah fell for the week by 0.29%, Kontan reported, while the US dollar index rose to 101.78 from 101.60. Most Asian currencies also weakened. Analyst Ibrahim Assuaibi told IDX Channel that the pressure came from worries about further disruption to energy supply after Houthi attacks on Saudi Arabia. Higher oil prices raise Indonesia's import bill, which tends to increase demand for dollars.

Global and regional backdrop

Wall Street fell on Thursday on selling in technology stocks, which weighed on most Asian markets, Kompas and CNBC Indonesia reported. Jakarta moved against that trend. Bloomberg Technoz reported the Shanghai Composite up 0.89% and the Hang Seng up 0.63%, while Japan's Nikkei 225 lost 0.83% and India's Sensex 0.39%.

Domestic policy and bank data

CNBC Indonesia said investors were also watching President Prabowo Subianto's remarks on natural resource management and plans to streamline state-owned enterprises. It added that bank credit growth was at its highest in a decade and that markets were awaiting Bank Indonesia's September money supply data after two months of slower growth.

Political & policy watch

IHSG rule change on concentrated stocks

The Indonesia Stock Exchange (IDX) will remove stocks with High Shareholding Concentration (HSC) from the IHSG calculation. IDX president director Jeffrey Hendrik said 80 stocks are in the category, about 18% of index weight, and that they can still be traded, The Star and Bisnis reported. CNBC Indonesia reported that the change takes effect on November 2, 2026; that date could not be confirmed from an IDX announcement at writing. The move responds to MSCI's proposal to reclassify Indonesia from Emerging Market to Standalone status, with a decision expected by the end of June 2027. See our explainer on MSCI and Indonesian capital flows.

Bank Indonesia's policy mix

Bank Indonesia held its BI-Rate at 5.75% on October 21 and announced cuts to bank reserve requirements to add liquidity, as covered in our report on BI's October decision and the previous Indonesia brief.

What to watch next

• Late October (date not confirmed): Bank Indonesia's September money supply (M2) data.
• October 27–28: US Federal Reserve policy meeting, with the decision on October 28 at 18:00 UTC.
• November 2: Reported start of the IHSG calculation without HSC stocks (CNBC Indonesia); confirm with IDX.
• Early November: October inflation and third-quarter GDP from Statistics Indonesia (BPS).
• November: Step-down in banks' reserve requirement announced by Bank Indonesia, and MSCI's quarterly index review.
• By end-June 2027: MSCI's decision on Indonesia's market classification.

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Risk checklist for readers

• Volatility remains high. The index has gained 8.86% in four sessions after a steep fall the week before; fast rebounds can also reverse quickly.
• Read price together with flows. IDX publishes daily foreign buy and sell data. A rise without foreign buying depends on local demand.
• Index composition is changing. Once HSC stocks leave the IHSG calculation, index levels before and after the change are less directly comparable.
• Currency risk matters. A weaker rupiah reduces returns measured in dollars and raises costs for importers and firms with dollar debt.
• Scheduled events can move prices. The Fed decision, BPS data and MSCI announcements are known dates that often bring larger moves.
• Small caps can swing sharply. Stocks that hit daily price limits are often thinly traded, so prices can change quickly in both directions.
• Check official sources. Media figures for turnover and breadth differ; IDX, Bank Indonesia and OJK publish the official data.

Sources

• CNBC Indonesia: IHSG closes 0.95% higher at 5,439 (in Indonesian)
• Kontan: IHSG up 0.95% at 5,439; AKRA, UNTR, DEWA top LQ45 gainers (in Indonesian)
• Detik: IHSG closes higher at 5,439 (in Indonesian)
• Investortrust: IHSG rises to 5,439, sector moves (in Indonesian)
• Bloomberg Technoz: IHSG best in Asia (in Indonesian)
• Kompas: IHSG up 1.09% at midday on commodity stocks (in Indonesian)
• CNBC Indonesia: Foreigners net sell Rp744.4 billion in first session (in Indonesian)
• Suara: Foreign flows and HSC stocks (in Indonesian)
• Kontan: Big banks rise, BBCA falls in first session (in Indonesian)
• Kontan: Foreigners net sell Rp1.49 trillion on October 22 (in Indonesian)
• Kontan: Rupiah spot closes 0.11% weaker at 18,080 (in Indonesian)
• IDX Channel: Rupiah closes weaker at 18,080 (in Indonesian)
• Bank Indonesia: JISDOR reference rate
• Yahoo Finance: IDX Composite (^JKSE) history
• Yahoo Finance: LQ45 (^JKLQ45) history
• The Star: Indonesia to exclude 80 highly concentrated stocks from benchmark index
• Bisnis: HSC stocks leave the IHSG, IDX says weight is 18% (in Indonesian)
• Federal Reserve: FOMC meeting calendar

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