Foreign capital has continued to flow out of the Indonesian stock market throughout the first half of 2025. Shares of companies such as PT Bank Central Asia Tbk. (BBCA) and PT Bumi Resources Minerals Tbk. (BRMS) have been among the most heavily sold by foreign investors.

According to data from the Indonesia Stock Exchange (IDX), foreign investors recorded a net sell of IDR 53.21 trillion year-to-date (ytd), calculated from the first trading day of 2025 until the end of the first semester.

Several stocks saw significant foreign net selling during the first half of 2025. For instance, BBCA experienced the highest foreign net sell, reaching IDR 12.7 trillion. Following that, PT Bank Mandiri Tbk. (BMRI) recorded IDR 9.56 trillion in foreign net sell. BRMS also faced substantial selling pressure from foreign investors, totaling IDR 4.39 trillion in net sell during H1 2025. Likewise, PT Bank Rakyat Indonesia Tbk. (BBRI) had a foreign net sell of IDR 4 trillion, and PT Bank Negara Indonesia Tbk. (BBNI) recorded IDR 3.22 trillion in foreign outflows.

Other notable stocks with large foreign net sells include PT Alamtri Resources Indonesia Tbk. (ADRO) at IDR 2.23 trillion, PT Petrindo Jaya Kreasi Tbk. (CUAN) at IDR 1.55 trillion, and PT Merdeka Copper Gold Tbk. (MDKA) at IDR 1.51 trillion in the first half of 2025.

This foreign capital exodus has coincided with the weakening performance of the Jakarta Composite Index (JCI), which declined by 2.58% ytd—dropping to 6,897.4 by the end of the trading session on June 26, 2025.

Toward the end of H1 2025, the foreign fund outflow intensified due to escalating geopolitical tensions. In the final trading week of the semester, foreign net sell amounted to IDR 4.51 trillion. Market participants remain concerned about the global economic fallout from the ongoing conflict between Iran and Israel.

“Amid high levels of uncertainty, investors are leaning toward short-term trading strategies,” stated Ratna Lim, an analyst at Phintraco Sekuritas, in her recent research note.

Meanwhile, Nafan Aji Gusta, Senior Market Chartist at Mirae Asset Sekuritas, highlighted that movements in the Indonesian stock market, including foreign fund flows, are driven by several factors. One key factor is the ongoing uncertainty surrounding U.S. import tariff policies. On the domestic side, market behavior is influenced by macroeconomic indicators such as the consumer spending index.

“Going forward, foreign funds are expected to shift toward stocks in sectors that demonstrate relative growth. For now, market players are taking a cautious stance,” Nafan concluded.