JAKARTA — Indonesia’s equity benchmark completed a ninth consecutive session of gains on Tuesday, July 21, 2026, but the day’s foreign-flow data showed that international investors remained highly selective.

The Jakarta Composite Index gained 108.24 points, or 1.74%, to finish at 6,340.02. The benchmark opened at 6,273.57 and closed at its intraday high after briefly falling to 6,247.35.

The winning sequence began on July 9, when the index closed at 5,912.44. It has since added approximately 427.58 points, equivalent to about 7.23%.

Turnover Rises as Market Breadth Improves

The advance extended across most of the exchange.

A total of 421 stocks closed higher, compared with 205 decliners and 169 unchanged securities. Approximately 51.06 billion shares were traded in 2.94 million transactions, generating turnover of Rp21.50 trillion.

Energy was among the strongest sectors, rising approximately 3.48%. Basic materials, infrastructure and property shares also contributed to the broader advance.

Several conglomerate-linked stocks produced large gains. Darma Henwa advanced 10.55%, Petrindo Jaya Kreasi climbed 9.70%, and Amman Mineral Internasional added 6.98%.

A Small Market-Wide Inflow Masks Larger Regular-Market Buying

Foreign investors recorded Rp31.36 billion in net purchases across all market segments.

The regular market attracted a substantially larger Rp360.21 billion net inflow. This was partly offset by approximately Rp328.86 billion in net foreign selling through the negotiated and cash markets.

The distinction matters because negotiated transactions can include block transfers and portfolio restructuring that do not pass through the regular order book.

Foreign investors had accumulated approximately Rp972.21 billion in net purchases over the latest five trading sessions. Their year-to-date position, however, remained a net outflow of roughly Rp75.61 trillion.

The figures suggest that overseas demand is recovering in the near term, but the recent purchases remain too small to erase the heavy selling recorded earlier in 2026.

DSSA Leads the Supplied Stockbit Ranking

According to the Stockbit recap used as the basis for this article, Dian Swastatika Sentosa attracted the largest individual net foreign purchase, at Rp263.62 billion.

DSSA also gained 7.98% to close at Rp880 and had advanced approximately 10% over the preceding week.

Aneka Tambang ranked second with Rp91.70 billion in net buying. Petrosea followed with Rp80.70 billion, while Bukit Uluwatu Villa received Rp66.36 billion.

BUVA rose 3.21% to Rp965 during the session, extending its weekly gain to approximately 15.57%.

Ten Largest Net Foreign Purchases

Combined net foreign buying in the ten companies reached approximately Rp751.76 billion.

That amount was much larger than the market-wide net inflow because foreign investors were simultaneously selling other Indonesian stocks. A top-buy list reflects where purchases were concentrated, not the final balance across the entire exchange.

Resources and Conglomerate Groups Dominate

The composition of the ranking reveals a concentrated trade rather than a broad return to Indonesian equities.

DSSA, ANTM, PTRO, BREN, TPIA and BRPT collectively attracted about Rp543.13 billion. They accounted for more than 72% of the combined foreign buying in the ten-stock list.

The names provide exposure to mining, energy, renewable power and petrochemicals. BMRI and BBRI, meanwhile, show that major banks continue to serve as liquid entry points for international institutions seeking exposure to Indonesia.

PANI and BUVA added a property and hospitality component to the selection, although smaller free floats and faster recent price gains may result in greater volatility.

Momentum Is Strong, but So Is the Risk of Consolidation

Nine consecutive positive sessions represent a significant change in market sentiment. The JCI has recovered rapidly from levels below 6,000 and trading activity has expanded alongside the advance.

Such a long rally can also create conditions for profit-taking. Investors who entered near the beginning of the rebound may begin reducing positions, particularly in stocks that have risen more quickly than their underlying earnings outlook.

The next major domestic catalyst is Bank Indonesia’s policy decision on July 22. Changes in interest-rate expectations, the rupiah, US Treasury yields and Middle East tensions could determine whether foreign investors continue adding exposure.

The latest data therefore support a cautiously constructive interpretation. Foreign funds have started buying again and the index retains strong momentum, but capital is concentrated in a relatively small number of liquid or rapidly appreciating stocks.

Disclaimer: This article is intended solely for informational and educational purposes. The market data, foreign-flow figures and securities mentioned do not constitute personalised investment advice, a recommendation or an invitation to trade. All investment decisions remain the responsibility of the individual investor.