IHSG Rises 2.25% on Nov 5, 2026 as Q3 GDP Beats Forecasts

Key takeaways

• The Jakarta Composite Index (IHSG) rose 110.49 points, or 2.25%, to 5,030.26 at the close (09:00 UTC) on Thursday, November 5, 2026, according to CNBC Indonesia, Kontan and Yahoo Finance data.
• Statistics Indonesia (BPS) said the economy grew 5.47% year on year in the third quarter, up from 5.29% in the second quarter and above the 5.2% median forecast cited by Investing.com.
• The LQ45 index rose 12.41 points, or 2.48%, to 513.65. Merdeka Copper Gold (MDKA) jumped 15.76% and Amman Mineral (AMMN) 8.28%, while Barito Pacific (BRPT) fell 6.67%, Kontan reported.
• Breadth was strong: 440 stocks rose, 178 fell and 99 were unchanged, according to Kontan and Detik.
• The rupiah strengthened 0.47% to 18,082 per US dollar in the spot market, Kontan reported, and Bank Indonesia's JISDOR reference rate was 18,094.00, according to IDN Times.

Session recap

Indonesian stocks posted their strongest gain of the week on Thursday, climbing back above 5,000 two days after Tuesday's 3.78% slide took the index below that level. For the regional picture, see Asian and global market closes. Wednesday's session is covered in our IHSG brief for November 4, and Tuesday's drop in IHSG falls 3.78% below 5,000 to a 52-week low.

The IHSG opened at 4,998.34, well above Wednesday's close of 4,919.77, and never traded below 4,995.46, according to Yahoo Finance data and Kompas. It reached an intraday high of 5,072.05 and ended the first session up 1.96% at 5,016.18, Kompas reported. The index then gave back part of its peak gain and closed 41.79 points below the day's high, CNBC Indonesia noted.

Changes are calculated from the previous closes on November 4: IHSG 4,919.77, LQ45 501.24, spot rupiah 18,168 and JISDOR 18,140.00. A lower USD/IDR number means a stronger rupiah. Bank Indonesia's JISDOR page could not be loaded when this brief was written, so the November 5 fixing is taken from IDN Times. CNBC Indonesia, using Refinitiv data, put the rupiah's close at 18,075. Turnover figures differed by outlet, from Rp8.73 trillion (Investortrust) to Rp9.81 trillion (Detik), so turnover is not shown in the table.

What drove it

Third-quarter GDP beat forecasts

BPS said gross domestic product grew 5.47% in July-September from a year earlier, Antara reported, quoting BPS deputy M. Edy Mahmud. Investing.com said the median forecast was 5.2% and that quarter-on-quarter growth of 1.6% topped a 1.3% estimate; CNBC Indonesia gave the quarterly figure as 1.59%. Investing.com said manufacturing, including palm oil processing for the biodiesel programme, led growth. Antara's report was published at 11:25 Jakarta time (04:25 UTC), after the index had already opened higher, so they added to a rally that began on overseas cues.

US midterm results and Wall Street

Jakarta Globe reported that the IHSG jumped 1.6% at the open as investors weighed the US midterm election results, after the S&P 500 rose 1.6% on Wednesday. Phintraco Sekuritas, quoted by Jakarta Globe, said Democratic control of both houses of Congress could constrain President Donald Trump's tariff agenda, but added: "However, the Federal Reserve's monetary policy direction will still be determined by inflation and labor market conditions." CNBC Indonesia also said the outcome could lead to two years of political gridlock in Washington.

Oil slump and miners

CNBC Indonesia reported that front-month Brent crude futures (January contract) fell 8.7% to $94.62 a barrel and WTI futures (December contract) 8.3% to $88.12 at settlement in Wednesday's November 4 session, their lowest closes since August 31, as investors saw a higher chance of peace talks with Iran. Basic materials was the best-performing sector, up 3.78%, followed by industrials at 2.81%, according to Kontan and Investortrust. Kompas said gold-linked shares such as Archi Indonesia (ARCI) and Bumi Resources Minerals (BRMS) rose in the first session in line with gold prices. CNBC Indonesia, using Refinitiv sector data, showed technology up 4.60%.

Heavyweights and laggards

Bank Central Asia (BBCA), AMMN, Telkom Indonesia (TLKM), MDKA and Bank Negara Indonesia (BBNI) contributed most to the index gain, CNBC Indonesia reported, while BRPT, Adaro Andalan Indonesia (AADI), Chandra Asri (TPIA), XLSmart (EXCL) and PANI weighed most. Among LQ45 members, Sumber Alfaria Trijaya (AMRT) rose 8.05%, while AADI fell 3.53% and EXCL 3.21%, Kontan said. None of the sources gave a company-specific reason for the BRPT decline, so the cause has not been confirmed.

Foreign flows

Foreign investors were net buyers of Rp72.93 billion across the market in the first session, CNBC Indonesia reported, citing Stockbit data. BBCA drew the most foreign buying at Rp143.15 billion, followed by TLKM at Rp83.45 billion and AMMN at Rp61.54 billion, while Bank Rakyat Indonesia (BBRI) saw net selling of Rp105.95 billion and Bank Mandiri (BMRI) Rp71.19 billion. A full-day foreign flow figure for Thursday had not been published by a source we could open when this brief was written.

The rupiah and Asian currencies

The rupiah firmed alongside most Asian currencies. As of 15:00 Jakarta time (08:00 UTC), the Philippine peso gained 0.85% and the Thai baht 0.51% against the dollar, while the Malaysian ringgit fell 0.38%, Kontan reported. The US dollar index stood at 101.405 at the same time, down 0.16%, CNBC Indonesia said, which also linked the rupiah's gain to the GDP data.

Political & policy watch

• Growth and the budget. Investing.com noted that the 2026 state budget assumes 5.4% growth and that investor sentiment this year has been weighed by scrutiny of fiscal plans. Thursday's print keeps third-quarter growth above that assumption.
• Labour data. BPS reported that unemployment fell by 77,000 from August 2025 to 7.38 million, CNBC Indonesia said.
• Health insurance. CNBC Indonesia listed a planned expansion of BPJS Kesehatan coverage among domestic issues investors were following.
• US politics. The Democratic midterm win and its possible effect on US tariff and fiscal policy were the main external themes cited by Jakarta Globe and CNBC Indonesia.
• MSCI review. BRI Danareksa Sekuritas said investors were positioning ahead of MSCI's index review scheduled for November 11-12, 2026, Jakarta Globe reported on November 3. Background is in our explainer on Indonesia's capital flows and the MSCI standalone risk.

What to watch next

Risk checklist for readers

• Data surprises: GDP and jobs figures can move stocks and the rupiah sharply when they differ from consensus forecasts. Compare the release with the forecast, not only with the previous quarter.
• Rebounds after sell-offs: A strong day after a steep fall does not reverse earlier losses on its own. The IHSG closed on Thursday below its October 30 close of 5,057.05, Yahoo Finance data show.
• 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, sector and currency figures differed between outlets on Thursday. The exchange and Bank Indonesia publish the official numbers.
• Commodity swings: Mining and energy stocks are sensitive to oil, gold and metal prices, which can move several percent in one session.
• Currency risk: For foreign investors, returns depend on both share prices and the rupiah, which closed at 18,082 per dollar on Thursday.

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