Foreign Investors Sell Rp1.49 Trillion: 10 Indonesian Stocks Hit Hardest

Foreign investors sharply reduced their exposure to Indonesian equities on September 24, with the selling concentrated in several of the country's largest and most liquid stocks.

Total foreign net selling across all markets reached approximately Rp1.49 trillion, while regular-market outflows were around Rp1.42 trillion.

The Jakarta Composite Index fell alongside the outflow.

The benchmark closed 1.20% lower at 6,298.6, down about 76 points for the day.

Bank Mandiri stood out as the main target.

BMRI Accounted for the Largest Foreign Outflow

Foreign investors sold a net Rp531.94 billion of Bank Mandiri shares in regular trading.

BMRI fell 2.86% to Rp4,070 during the same session.

The scale of the outflow was significant.

BMRI alone accounted for more than one-third of the roughly Rp1.42 trillion in regular-market foreign net selling.

That concentration helps explain why foreign flows can have a noticeable impact on Indonesia's benchmark index even when some individual stocks are still attracting buyers.

BBRI and TLKM Followed

Bank Rakyat Indonesia recorded approximately Rp141.17 billion of net foreign selling.

Telkom Indonesia followed with roughly Rp84.6 billion.

Both companies are large, actively traded index constituents.

Selling pressure in major stocks can have a greater effect on the JCI than similar percentage moves in smaller companies because index weighting is heavily influenced by market capitalization.

The 10 Biggest Foreign Net Sells

The largest regular-market foreign outflows on September 24 were:

Minor rounding differences appear between data providers, but the regular-market ranking is broadly consistent.

Selling Extended Beyond Banks

The pressure was not limited to financial stocks.

BUMI and DEWA represented energy- and mining-linked exposure.

ANTM and AMMN are major names in metals and mining.

TPIA is exposed to petrochemicals and infrastructure, while PACK and CUAN have different business profiles again.

That diversity suggests September 24 was not simply a rotation out of one industry.

Instead, foreign investors appeared to be reducing risk across a range of selected positions.

BUMI Recorded Nearly Rp75 Billion of Outflows

BUMI posted around Rp74.90 billion in net foreign selling.

Its shares also fell roughly 4.15% during the session.

That made BUMI the largest nonbank foreign outflow among the top names.

Still, one day of selling does not establish a long-term investor exit.

Institutional positioning can change quickly as commodity prices, market risk appetite and portfolio allocations shift.

ANTM Swung Back to Selling

ANTM registered around Rp51.65 billion of foreign net selling.

The stock had appeared among foreign-buy lists in earlier sessions, showing how quickly foreign flows can change.

Large investors may rebalance portfolios, realize profits or reduce exposure after a prior rally.

That is why daily foreign flow is better treated as positioning data rather than a prediction of a stock's future direction.

DEWA, TPIA and AMMN Also Faced Outflows

DEWA recorded approximately Rp39.69 billion in foreign selling.

TPIA followed with about Rp32.59 billion, and AMMN with Rp32.03 billion.

The companies represent different market themes, reinforcing the view that foreign selling was broader than a simple sector switch.

PACK and CUAN Completed the List

PACK recorded approximately Rp31.9 billion of regular-market foreign net selling.

CUAN followed with around Rp26.55 billion.

Both stocks have experienced periods of significant price volatility.

For volatile shares, foreign-flow rankings can change especially quickly as price, liquidity and trading activity shift.

Foreigners Were Still Buying Some Stocks

The overall Rp1.49 trillion outflow does not mean foreign investors sold every Indonesian equity.

ASII led foreign buying at around Rp24.4 billion.

MEDC attracted roughly Rp20.4 billion, while COIN received about Rp20.1 billion.

The pattern is therefore better described as large aggregate selling combined with selective stock-level buying.

ASII Moved Against the Broader Pressure

Astra International shares rose about 0.42% to Rp4,770, while foreign investors recorded approximately Rp24.41 billion in net buying.

The contrast with BMRI illustrates an important point.

Foreign capital was not simply leaving Indonesia without discrimination.

It was moving away from some positions while still being allocated to others.

The JCI Fell Alongside the Outflow

The benchmark's 1.20% decline occurred in a session where some major index constituents were under clear foreign selling pressure.

BMRI provides the most obvious example.

But foreign selling should not be treated as the only explanation for the JCI's decline.

Local investors account for a substantial share of Indonesian trading, while currency movements, bond yields, commodity prices and company-specific developments can all affect the market simultaneously.

Turnover Reached Rp11.23 Trillion

Total market turnover reached approximately Rp11.23 trillion.

Regular-market transactions accounted for around Rp9.78 trillion, while negotiated-market activity was about Rp1.45 trillion.

Against that backdrop, Rp1.49 trillion of all-market foreign net selling was a meaningful flow.

Why Regular Market and All Market Need Different Labels

Foreign-flow data can be reported in different ways.

The regular market captures ordinary exchange trading.

All market also incorporates negotiated and cash transactions.

On September 24, both measures were negative:

All market: about Rp1.49 trillion net sell.

Regular market: about Rp1.42 trillion net sell.

Using the correct label is important when comparing one article or data provider with another.

Net Selling Does Not Automatically Mean Bad Fundamentals

Institutional investors sell stocks for many reasons.

They may rebalance portfolios, reduce country exposure, lock in gains, manage liquidity or respond to changes in global interest rates and risk appetite.

A large daily foreign outflow does not automatically mean investors have reached a negative long-term conclusion about a company's fundamentals.

Similarly, net buying does not automatically indicate that a stock is undervalued.

The data simply describe net transaction direction during a particular period.

Multi-Day Flow Is More Informative

Foreign flow becomes more useful when viewed across several sessions.

For example, investors could monitor whether BMRI continues to face large foreign selling, whether the price remains weak and whether similar outflows persist in BBRI and other major banks.

A sustained pattern can tell a different story from a one-day portfolio adjustment.

That context is more informative than treating a single daily ranking as an investment signal.

Bottom Line

Foreign investors recorded approximately Rp1.49 trillion in net selling across Indonesia's equity market on September 24, while the JCI fell 1.20% to 6,298.6.

Regular-market net selling reached about Rp1.42 trillion.

BMRI led the outflows at Rp531.94 billion, followed by BBRI, TLKM, BUMI and ANTM.

DEWA, TPIA, AMMN, PACK and CUAN completed the top ten.

At the same time, foreign investors continued buying selected names including ASII, MEDC and COIN.

The session therefore reflected concentrated foreign de-risking rather than a complete withdrawal from every Indonesian stock.

Disclaimer: This article is for informational and educational purposes only and is not personalized advice to buy, sell or hold any security.