IHSG Falls 3.49% on Oct 29, 2026 as BCA Leads Big-Cap Selloff

Key takeaways

• The Jakarta Composite Index (IHSG) fell 184.25 points, or 3.49%, to 5,098.06 on Thursday, October 29, 2026, closing at its low of the day, according to IDX closing data reported by CNBC Indonesia and Warta Ekonomi and Yahoo Finance data.
• The LQ45 index of large, liquid stocks fell harder, down 24.19 points, or 4.48%, to 515.28, Yahoo Finance data show.
• Losers swamped gainers by 624 to 98, with 70 stocks unchanged, Warta Ekonomi reported. Bank Central Asia (BBCA) gave back part of Wednesday's rally and was the main drag on the index, according to Mirae Asset Sekuritas.
• The rupiah moved the other way and strengthened 0.26% to 18,137 per US dollar in the spot market, CNN Indonesia reported. Bank Indonesia's JISDOR reference rate fell to 18,128.00 from 18,183.00.
• The selloff came the morning after the US Federal Reserve held rates at 3.75%–4.00% in a 10–2 vote, with two officials voting for a hike, according to the Fed's statement.

Session recap

Indonesian stocks had their worst day of the week on Thursday. A small gain at the open turned into a broad selloff led by large banks and other big caps. For the regional picture, see Asian and global markets today. Wednesday's late rebound is covered in our IHSG brief for October 28.

The IHSG opened at 5,305.20, above Wednesday's close, and reached a high of 5,320.90 early in the session, according to CNBC Indonesia and Yahoo Finance data. Selling then took over. At the midday break the index was down 139.49 points, or 2.64%, at 5,142.82, Stockwatch reported, citing RTI Business data. CNBC Indonesia said the index recovered briefly in the afternoon but fell again in the final minutes, closing at 5,098.06, its low for the day.

Changes are calculated from the previous closes: IHSG 5,282.31 and LQ45 539.47 on October 28, spot rupiah 18,184 on October 28, and JISDOR 18,183.00 on October 28. A lower USD/IDR number means a stronger rupiah. Providers differ slightly: Warta Ekonomi put the IHSG close at 5,098.05, and CNBC Indonesia, using Refinitiv data, put the spot rupiah at 18,125, up 0.28%. Turnover figures also differed between outlets, from Rp10.13 trillion (CNBC Indonesia) to Rp11.22 trillion (Warta Ekonomi), so they are not shown in the table.

Over four sessions the IHSG has fallen 6.27%, from 5,439.26 at the October 23 close, according to Yahoo Finance data.

What drove it

Big caps reverse, led by BCA

The biggest stocks did most of the damage. M. Nafan Aji Gusta, senior technical analyst at Mirae Asset Sekuritas, told Investor Daily that the pressure came mainly from BBCA, Astra International (ASII), Bank Rakyat Indonesia (BBRI), Telkom Indonesia (TLKM) and Barito Renewables (BREN). By the midday break BBCA was down 4.27% at Rp5,050, TLKM was down 3.86%, ASII 3.60%, BBRI 2.05% and Bank Mandiri (BMRI) 1.56%, according to RTI Business data cited by Stockwatch. CNBC Indonesia listed BBCA, ASII, BBRI, TLKM and BMRI as the main drags at the close.

BCA was also caught up in market rumours. Kontan reported that a rumour spread on social media on Wednesday that Bank DBS Indonesia would merge into BCA. Mona Monika, head of group marketing and communication at Bank DBS Indonesia, said: "Isu tersebut tidak benar adanya" ("The issue is not true"). Kontan, citing The Straits Times, said a DBS spokesperson in Singapore also denied it. Kontan said BBCA had risen as much as 7% on Wednesday and was down 37.46% this year at the midday break on Thursday. No source we checked linked the denial directly to Thursday's fall.

Foreign outflows and the MSCI question

Bloomberg Technoz said the drop was driven mainly by heavy foreign selling and by the risk that MSCI reclassifies Indonesia as a "Standalone" market, two levels below Emerging Market status. Nafan told Investor Daily that investors were likely to stay cautious while foreign selling and the MSCI uncertainty continued. A full-day foreign net flow figure for Thursday had not been confirmed by a source we could open when this brief was written. Our analysis of foreign selling and the MSCI review explains the background.

The Fed hold and higher US yields

The US Federal Reserve kept its target range at 3.75%–4.00% on October 28, according to its policy statement. The vote was 10–2: governor Lisa Cook and Cleveland Fed President Beth Hammack preferred a quarter-point hike. The statement said "Inflation remains elevated." Lukman Leong, an analyst at DOO Financial Futures, told CNN Indonesia that the Fed gave no forward guidance on rates. CNBC Indonesia reported that the 10-year US Treasury yield rose to 5.042% after the decision. Higher US yields make emerging-market assets less attractive in comparison. For background, see our explainer on the October Fed debate.

Oil and risk appetite

Bloomberg Technoz said Brent crude was back at about US$115 a barrel amid Middle East tension, which added to risk-off sentiment. Warta Ekonomi reported that Brent rose 1.3% to US$115 and spot gold fell 0.5% to US$4,039 an ounce. Indonesia is a net oil importer, so higher crude prices raise pressure on the budget and the trade balance.

Why the rupiah firmed

The currency did not follow stocks lower. CNN Indonesia said the rupiah gained as the dollar eased after the Fed meeting, and that most Asian currencies also rose: the Korean won gained 0.42%, the Malaysian ringgit 0.40% and the Philippine peso 0.30%. CNBC Indonesia put the US dollar index at 102.188 at 15:00 Jakarta time (08:00 UTC). Leong said risk-off sentiment and foreign selling of local assets limited the rupiah's gains. The rupiah had hit a record low on Wednesday, according to Bloomberg Technoz; see our report on the rupiah near its record low.

Political & policy watch

• MSCI status. Bloomberg Technoz said the risk of a downgrade to Standalone market status is still weighing on foreign flows. Investor Daily said the uncertainty around MSCI's review had not eased.
• Index rule change. The Indonesia Stock Exchange plans to exclude stocks with high shareholding concentration (HSC) from the IHSG calculation from November 2, 2026, Warta Ekonomi reported on October 28.
• Market governance. Investor Daily said market participants are watching governance reforms led by the Financial Services Authority (OJK) and the exchange's self-regulatory organizations. Warta Ekonomi said investors are also following the shareholder meeting on demutualizing the IDX.

What to watch next

Risk checklist for readers

• Index concentration: A handful of large stocks such as BBCA, BBRI and TLKM can move the IHSG sharply in either direction, as Wednesday's rise and Thursday's fall both showed.
• Market breadth: Thursday's 624 decliners against 98 gainers point to broad selling, not just a few weak stocks. Breadth shows how widely a move is spread.
• Currency and stocks can diverge: The rupiah firmed while stocks fell. For foreign investors, returns depend on both the share price and the exchange rate.
• Scheduled US data: PCE inflation is released after the Jakarta close, so the next session can open with a gap.
• Index and classification changes: The HSC exclusion and any MSCI decision can change which stocks drive the index and how much passive money follows it. Rely on official announcements rather than rumours.
• Differing data: Turnover, foreign flow and currency figures often differ between providers. Check the exchange and Bank Indonesia for official numbers.

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