IHSG Rises 0.32% on Nov 4, 2026 as Big Banks Lead Late Rebound

Key takeaways

• The Jakarta Composite Index (IHSG) rose 15.48 points, or 0.32%, to 4,919.77 at the close (09:00 UTC) on Wednesday, November 4, 2026, according to CNBC Indonesia, Kontan and Yahoo Finance data.
• The rebound came late: the index fell to an intraday low of 4,824.36, Yahoo Finance data show, and ended the first session down 0.88% at 4,860.94, CNBC Indonesia reported.
• The LQ45 index rose 3.97 points, or 0.80%, to 501.24. Pertamina Geothermal Energy (PGEO) gained 10.92% and Aneka Tambang (ANTM) 8.33%, while Barito Pacific (BRPT) fell 6.70%, Kontan reported.
• Breadth stayed weak: 190 stocks rose, 439 fell and 88 were unchanged, according to Kontan.
• The rupiah weakened 0.04% to 18,168 per US dollar in the spot market, Kontan reported, while Bank Indonesia's JISDOR reference rate eased to 18,140.00 from 18,148.00.

Session recap

Indonesian stocks recovered a small part of Tuesday's 3.78% slide, but only after another weak morning. For the regional picture, see Asian and global market closes. Tuesday's drop is covered in IHSG falls 3.78% below 5,000 to a 52-week low, and Monday's session in our IHSG brief for November 2.

The IHSG opened at 4,856.96, below Tuesday's close of 4,904.29, and dropped to 4,824.36, according to Yahoo Finance data. CNBC Indonesia said the index came under selling pressure early in the first session and closed near the day's high; Yahoo Finance data put the high at 4,921.13. Investortrust said the index spent most of the day below 4,900 before reversing.

Changes are calculated from the previous closes on November 3: IHSG 4,904.29, LQ45 497.27, spot rupiah 18,160 and JISDOR 18,148.00. A higher USD/IDR number means a weaker rupiah. Kontan's index close of 4,919.76 differs from the exchange-based figure of 4,919.77 by rounding. Turnover figures differed by outlet: Kontan reported Rp10.55 trillion, CNBC Indonesia Rp9.65 trillion and Investortrust Rp9.33 trillion, so turnover is not shown in the table.

What drove it

Big banks and ANTM led the recovery

Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), ANTM, MKNT and Indofood Sukses Makmur (INDF) contributed most to the index's gain, CNBC Indonesia reported, while BRPT, Bumi Resources Minerals (BRMS), Amman Mineral (AMMN), VKTR and Energi Mega Persada (ENRG) weighed most. Investortrust also named BBCA, BBRI, Bank Mandiri (BMRI), Astra International (ASII) and ANTM among the large stocks that rose. Among LQ45 members, Indah Kiat Pulp & Paper (INKP) added 7.35%, while Solusi Sinergi Digital (WIFI) fell 6.40% and Elnusa (ELSA) 4.31%, Kontan reported. None of the sources gave a company-specific reason for the PGEO or BRPT moves, so the cause has not been confirmed.

Sectors were mixed

Only three of 11 exchange sector indices rose. Basic materials gained 0.91% and financials 0.17%, while technology fell 1.53% and energy 1.51%, according to Kontan and Investortrust. CNBC Indonesia, using Refinitiv sector data, showed financials up 1.15%, so sector readings differ by provider. With 439 decliners against 190 gainers, the index rise rested on a narrow group of heavyweight stocks.

Foreign buying in the morning

Foreign investors were net buyers of Rp268.67 billion across the market in the first session, even as the index fell, CNBC Indonesia reported, citing Stockbit Sekuritas data. BBCA drew the most foreign buying at Rp117.43 billion, followed by BBRI at Rp64.62 billion, while BMRI saw the largest net selling at Rp67.64 billion. A full-day foreign flow figure for Wednesday had not been published by a source we could open when this brief was written.

The aftermath of Tuesday's slide

Wednesday's move followed a sharp fall the day before. On November 3 the IHSG fell 192.54 points, with 624 stocks down and 57 up, Beritasatu reported, and all 11 sectors declined, led by basic materials at 6.00%. Jakarta Globe linked that drop to foreign selling, positioning ahead of MSCI's index review, food inflation and a sell-off in technology and AI stocks on Wall Street. Background on outflows is in our report on the rupiah near its record low.

The rupiah and Asian currencies

The rupiah firmed to 18,134 per dollar in the morning before turning weaker, IDN Times reported. Most Asian currencies gained against the dollar: the yen rose 0.42%, the Thai baht 0.40% and the Malaysian ringgit 0.24% as of 15:00 Jakarta time (08:00 UTC), while the Chinese yuan fell 0.12% and the Philippine peso 0.09%, Kontan reported.

Political & policy watch

• Wiretapping case. On November 3, the National Police's criminal investigation agency (Bareskrim) named former police chief Listyo Sigit Prabowo and two other senior officers as suspects in the alleged illegal wiretapping of President Prabowo Subianto and others, Kompas and Detik reported. Detik said police described it as the act of individuals rather than institutional policy and that the motive was still under investigation. The articles we read carried no statement from Listyo Sigit. CNBC Indonesia listed the case among the issues weighing on investor sentiment, and market analyst Ibrahim Assuaibi told IDN Times it could raise political uncertainty and make investors more cautious.
• Growth outlook. CNBC Indonesia reported that the Financial System Stability Committee (KSSK) said financial stability was maintained in the third quarter and projected 2026 growth of 5.4% to 5.5%. IDN Times said Deputy Finance Minister Suahasil Nazara gave that range, below an earlier 5.6% to 6%.
• MSCI review. BRI Danareksa Sekuritas said investors were positioning ahead of MSCI's index review scheduled for November 11-12, 2026, Jakarta Globe reported.
• US data and politics. CNBC Indonesia said US job openings (JOLTS) rose to 7.523 million in September, and listed the US midterm elections and oil prices among the external factors investors were watching.

What to watch next

Risk checklist for readers

• Narrow rallies: An index can rise while most stocks fall. Wednesday's breadth of 190 gainers to 439 decliners shows how much a few large banks can move the IHSG.
• Morning versus full-day data: First-session foreign flow figures can change by the close. Check end-of-day data before drawing conclusions.
• Provider differences: Turnover and sector figures differed between outlets on Wednesday. The exchange and Bank Indonesia publish the official numbers.
• Index reviews: MSCI reviews can trigger large passive trades around the effective date, adding volatility to affected stocks.
• Currency risk: For foreign investors, returns depend on both share prices and the rupiah, which closed at 18,168 per dollar on Wednesday.
• Political news: Legal cases involving senior officials are at an early stage; suspect status is not a court finding, and reports can change.

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