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# IHSG Rises 0.31% on Oct 28, 2026 as BCA Rally Erases Early Losses
- URL: https://bullquill.com/indonesia-stocks-daily-brief-2026-10-28/
- Published: 2026-10-28T09:36:38.000Z
- Updated: 2026-10-28T09:36:38.000Z
- Description: Jakarta's index recovered from a 1.65% midday drop to close higher, helped by strong results from Bank Central Asia. The rupiah weakened to 18,184 per dollar as bond yields rose before the Fed decision.
- Author: Rowan Ashby
- Tags: Markets, Daily Brief, Indonesia, Bank Central Asia, Rupiah, Bank Indonesia, Indonesia Stock Exchange, #lang-en, #tr-indonesia-stocks-daily-brief-2026-10-28

## Key takeaways

- The Jakarta Composite Index (IHSG) rose 16.18 points, or 0.31%, to 5,282.31 on Wednesday, October 28, 2026, ending a two-day losing run, according to IDX closing data reported by Kontan and CNBC Indonesia.
- The index recovered from a 1.65% fall at the midday break and closed at its intraday high, after touching a low of 5,167.33, Warta Ekonomi and Yahoo Finance data show.
- The LQ45 index of large, liquid stocks gained 6.45 points, or 1.21%, to 539.47, led by Astra International (ASII, +7.99%) and Bank Central Asia (BBCA, +7.65%), Kontan reported.
- The rupiah weakened 0.15% to 18,184 per US dollar in the spot market, Kontan reported. Bloomberg Technoz called the close the weakest on record. Bank Indonesia's JISDOR reference rate rose to 18,183.00.
- Decliners still outnumbered gainers by 406 to 272, with 112 stocks unchanged, according to Kontan.

## Session recap

Indonesian stocks turned positive late on Wednesday after a weak morning. Large banks and Astra drove the recovery. For the wider regional picture, see [Asian and global markets today](https://bullquill.com/markets/). Tuesday's 1.99% drop is covered in our [IHSG brief for October 27](https://bullquill.com/indonesia-stocks-daily-brief-2026-10-27/).

The IHSG opened at 5,249.07, below Tuesday's close, according to CNBC Indonesia. Selling deepened through the morning, and Katadata reported that the index was down 87.07 points, or 1.65%, at 5,179 at the first-session break. The day's low was 5,167.33\. Bloomberg Technoz reported that the index was still slightly lower at 5,268.36 at about 15:05 Jakarta time (08:05 UTC). Buying in the final hour then lifted it to 5,282.31, which was also the session high.

| Instrument                       | Close/Level | Change | % change | As of (UTC)      | Source                                        |
| -------------------------------- | ----------- | ------ | -------- | ---------------- | --------------------------------------------- |
| Jakarta Composite Index (IHSG)   | 5,282.31    | +16.18 | +0.31%   | 2026-10-28 09:00 | IDX via Kontan, CNBC Indonesia; Yahoo Finance |
| LQ45                             | 539.47      | +6.45  | +1.21%   | 2026-10-28 09:00 | Yahoo Finance; Kontan                         |
| USD/IDR spot (rupiah per dollar) | 18,184.00   | +28.00 | +0.15%   | 2026-10-28 08:00 | Kontan                                        |
| Bank Indonesia JISDOR (USD/IDR)  | 18,183.00   | +44.00 | +0.24%   | 2026-10-28 09:30 | Bank Indonesia                                |

Changes are calculated from the previous closes: IHSG 5,266.13 and LQ45 533.02 on October 27, spot rupiah 18,156 on October 27, and JISDOR 18,139.00 on October 27\. A higher USD/IDR number means a weaker rupiah. Bloomberg Technoz put the spot close at 18,183, down 0.17%, so providers differ slightly. Turnover figures also differed between outlets, so they are not shown here.

Sector performance was mixed. Kontan reported gains in healthcare (+1.71%), financials (+0.80%) and transportation (+0.31%). Infrastructure (−2.13%), energy (−1.33%) and consumer cyclicals (−0.66%) led the decliners. Among LQ45 members, Amman Mineral (AMMN, +3.72%) joined ASII and BBCA as top gainers. Indosat (ISAT, −6.82%), Barito Pacific (BRPT, −6.79%) and Surya Citra Media (SCMA, −6.08%) fell the most, Kontan said.

## What drove it

### BCA results and a late bank rally

Bank Central Asia was the biggest single support. Kontan reported that the lender's net profit for the first nine months of 2026 rose 4.2% from a year earlier to Rp45.2 trillion, while loans grew 12.6% to Rp1,063 trillion. Foreign investors bought a net Rp491.16 billion of BBCA shares in the morning session, Kontan said. BRI Danareksa Sekuritas, cited by Kompas, said the nine-month profit was 75% of its own and consensus full-year estimates and called the results a positive factor for the stock. CNBC Indonesia, citing Refinitiv data, listed BBCA, ASII, AMMN, Merdeka Copper Gold (MDKA) and Bank Rakyat Indonesia (BBRI) as the main contributors to the index's gain. No source we checked explained Astra's late jump.

### Foreign selling elsewhere

Overall, foreign investors were still sellers in the morning. Katadata reported a net foreign sale of Rp172.09 billion in the first session, led by Bank Mandiri (BMRI, Rp168.81 billion), Telkom Indonesia (TLKM, Rp116.25 billion) and BBRI (Rp83.38 billion). A full-day foreign flow figure for Wednesday had not been confirmed by two sources when this brief was written. Warta Ekonomi put year-to-date foreign net selling at Rp124.22 trillion and the IHSG's loss this year at 39.10%. Our analysis of [foreign selling and the MSCI review](https://bullquill.com/ihsg-foreign-selling-msci-trend/) explains the background.

### Weak bond auction and higher yields

Bond markets added pressure. CNBC Indonesia reported that Tuesday's government bond auction drew Rp31.09 trillion in bids, down 52.1% and the lowest since November 2024\. The government sold Rp20.65 trillion against an indicative target of Rp30 trillion, and the weighted yield on the roughly 10-year bond rose to 7.54%. On Wednesday, Bloomberg Technoz reported that the benchmark 10-year yield rose 5.9 basis points to 7.61% as bonds sold off across all maturities.

### The rupiah and the Fed

The rupiah's slide reflected a firmer dollar before the US Federal Reserve decision. Kontan reported that the US dollar index rose to 102.44 from 102.31 and that several Asian currencies also weakened, led by the South Korean won. CNBC Indonesia said markets expect the Fed to hold its rate range at 3.75%–4.00% after a 25-basis-point hike in September. It added that a hawkish message from Chair Kevin Warsh could strengthen the dollar and weigh on emerging-market stocks. Our report on [the rupiah near its record low](https://bullquill.com/rupiah-near-record-low-msci-outflows/) has more on the currency.

### Oil and technical factors

Warta Ekonomi reported that crude prices fell as US-Iran diplomacy progressed, with WTI down 1.83% to US$99.90 a barrel and Brent down 1.67% to US$113.88\. Lower oil eases pressure on Indonesia's budget because the country is a net oil importer. M. Nafan Aji Gusta, senior technical analyst at Mirae Asset Sekuritas Indonesia, described mixed momentum readings and declining volume in a note quoted by Warta Ekonomi.

## Political & policy watch

- **Exchange rules.** The Indonesia Stock Exchange plans to exclude stocks in its High Shareholding Concentration (HSC) category from the IHSG calculation from November 2, 2026, Warta Ekonomi reported.
- **MSCI and demutualization.** Warta Ekonomi said investors are watching the exchange's talks with MSCI and a shareholder meeting on demutualizing the IDX. MSCI said on October 16 that Indonesia could be reclassified as a Standalone market and has not announced when it will decide.
- **Funding costs.** The weak bond auction shows that the government is paying more to borrow. CNBC Indonesia warned that this could lead to outflows and further rupiah weakness.
- **Student protests.** CNBC Indonesia listed student protests among the factors affecting sentiment but gave no detail on their scale or demands. Background on earlier protests is in our report on [protests at Prabowo's two-year mark](https://bullquill.com/indonesia-protests-prabowo-two-years-haze-demands/).
- **Bank Indonesia.** The central bank held its policy rate in October; see our report on [BI's October rate hold](https://bullquill.com/bank-indonesia-holds-bi-rate-october-surprise/).

## What to watch next

| Date                                 | Event                                                             | Why it matters                                                                     |
| ------------------------------------ | ----------------------------------------------------------------- | ---------------------------------------------------------------------------------- |
| Oct 28, 2026, 18:00 UTC              | US Federal Reserve policy decision; press conference at 18:30 UTC | US rates drive the dollar and foreign flows into emerging markets (CNBC Indonesia) |
| Coming days (dates set by each bank) | Third-quarter results from BRIS, BBRI, BBTN and BDMN              | Analysts quoted by Warta Ekonomi see bank earnings as a near-term catalyst         |
| Nov 2, 2026                          | HSC stocks removed from the IHSG calculation                      | Changes the index's make-up (Warta Ekonomi)                                        |
| Daily                                | Bank Indonesia JISDOR reference rate                              | Official reference for the rupiah's daily level                                    |
| Date not yet announced               | MSCI decision on Indonesia's market status                        | Could affect passive foreign flows into Indonesian stocks                          |

For the background to this week's meeting, see our [explainer on the October Fed debate](https://bullquill.com/fed-october-meeting-rate-hike-debate-explained/).

## Risk checklist for readers

- **Index concentration:** A few heavyweight stocks such as BBCA can move the IHSG even when most shares fall, as Wednesday's 406 decliners against 272 gainers showed. Check market breadth as well as the headline index.
- **Currency risk:** For investors outside Indonesia, returns also depend on the rupiah. A record-weak currency reduces dollar returns even when share prices rise.
- **Bond auctions:** Weak demand at government bond auctions can push yields up. Higher yields raise borrowing costs and can draw money away from shares.
- **Central bank decisions:** The Fed announces its decision after the Jakarta close, so the next session can open with a sharp gap.
- **Foreign flow data:** Session and full-day foreign flow figures often differ between providers. Check the exchange's own data before drawing conclusions.
- **Index rule changes:** Changes such as the HSC exclusion and any MSCI reclassification can change which stocks drive the index. Follow official announcements rather than rumours.

## Frequently asked questions

### Why is the IHSG up today?

The IHSG rose 0.31% to 5,282.31 on October 28, 2026 after recovering from a 1.65% fall at the midday break. Bank Central Asia (+7.65%) and Astra International (+7.99%) led the late rebound, Kontan reported. BCA's nine-month net profit rose 4.2% to Rp45.2 trillion, and foreign investors bought a net Rp491.16 billion of its shares in the morning session.

### What is the LQ45 index?

The LQ45 is an Indonesia Stock Exchange index of 45 large, highly liquid stocks. It is reviewed regularly and is often used as a benchmark for the biggest and most actively traded companies, such as large banks and commodity producers.

### Why can the IHSG rise when most stocks fall?

The IHSG is weighted by market capitalization, so a few very large companies such as Bank Central Asia have a big effect on the index. On October 28, 2026, the index rose even though 406 stocks fell and 272 rose, because heavyweights such as BCA and Astra gained sharply.

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