Foreign investors have continued to exit the Indonesian stock market, recording six consecutive days of net selling between June 18 and June 25, 2025. According to data from the Indonesia Stock Exchange, the year-to-date net foreign sell-off has reached Rp55.23 trillion as of Wednesday (June 25, 2025). During the same period, the Jakarta Composite Index (JCI) has declined by 3.5% YtD, closing at 6,832.14.

More specifically, foreign investors have consistently logged net sales over the last six trading sessions. The cumulative foreign net sell during the June 18–25 period amounted to Rp6.76 trillion. Rully Arya Wisnubroto, Head of Research at Mirae Asset Sekuritas Indonesia, stated that the JCI dropped by 0.5%, ending at 6,832.1, while foreign investors recorded a net outflow of Rp931.2 billion in the most recent trading day.

“This marks six straight sessions of foreign net selling in Indonesia’s stock market, with total net outflows reaching Rp6.8 trillion over the period,” Rully wrote in his research published on Thursday (June 26, 2025).

Mirae’s data also highlighted sharp declines in major banking stocks like Bank Mandiri (BMRI) and Bank Central Asia (BBCA), which fell by 2.9% and 2.0% respectively to Rp4,880 and Rp8,600. Both stocks also recorded significant foreign net outflows—BMRI with Rp504 billion and BBCA with Rp358 billion. On the previous day, Bank Rakyat Indonesia (BBRI) had posted a foreign net sell of Rp365 billion.

“Market sentiment remains cautious, with investors largely in a wait-and-see mode ahead of potential dual Federal Funds Rate (FFR) cuts later this year. A 25-basis-point cut down to 4.25% is already being anticipated for September,” Rully added.

Additionally, market attention is shifting back to trade negotiations ahead of the July 9, 2025 deadline. Many market players expect the deadline to be extended, especially as the U.S. Congress is also working to approve the fiscal budget around the same period.

Fanny Suherman, Head of Retail Research at BNI Sekuritas, noted that the most heavily sold foreign stocks in the previous trading session were BBCA, BMRI, PGEO, ADRO, and SSIA.

“The JCI will attempt to test the 6,780 support level, and if it manages to hold, a short-term technical rebound is possible,” she wrote in her research note.

For today’s session, the JCI is expected to move within a support range of 6,750–6,780 and a resistance band between 6,900–6,950. BNI Sekuritas recommends investors to monitor ANTM, BUMI, INET, BKSL, CUAN, and PANI as trading ideas for the day.

Foreign Net Sell Summary in the Indonesian Stock Market

• June 18: Rp646.61 billion

• June 19: Rp1.252.74 billion

• June 20: Rp2.732.86 billion

• June 23: Rp276.72 billion

• June 24: Rp927.43 billion

• June 25: Rp931.19 billion