The Composite Stock Price Index (IHSG) has closed in positive territory for the past three consecutive days, with conglomerate stocks beginning to attract renewed foreign accumulation. At the close of trading on Wednesday (11/2/2026), the IHSG finished at 8,290.97, gaining 1.96% in a single session and extending its upward trend for three straight days.

Yesterday’s trading activity was relatively active, with total transaction value reaching Rp29.80 trillion, involving 62.06 billion shares across 3.40 million transactions. Market capitalization also increased to Rp15,094 trillion.

According to Refinitiv data, almost all sectors ended in the green. The infrastructure sector led the gains with a 4.37% increase, followed by energy at 3.85%, basic materials at 3.81%, and non-primary consumer goods at 3.79%.

Conglomerate stocks once again became the primary drivers of the index. Three of the top four contributors to the IHSG’s rise were companies owned by Prajogo Pangestu: Barito Pacific (BRPT) contributing 14.34 index points, Petrindo Jaya Kreasi (CUAN) adding 11.46 points, and Barito Renewables Energy (BREN) contributing 11.1 points.

Behind the renewed accumulation of conglomerate stocks lies foreign investor activity, despite the regular market recording a net sell of around Rp300 billion yesterday.

Interestingly, foreign investors continued to accumulate conglomerate-related shares. Of the top 20 stocks most heavily accumulated by foreign investors, 14 were conglomerate stocks.

The top list remains dominated by companies under Prajogo Pangestu’s group, followed by stocks associated with Garibaldi “Boy” Thohir, as well as companies from the Bakrie Group in partnership with the Salim Group, as shown in the following data (as of 11 February 2026):

Top 20 Most Accumulated Stocks by Foreign Investors:

BBRI – Rp166.60 billion (State-Owned Enterprise)
PTRO – Rp148.80 billion (Prajogo Pangestu)
TLKM – Rp141.70 billion (State-Owned Enterprise)
ANTM – Rp120.40 billion (State-Owned Enterprise)
INCO – Rp91.10 billion (MIND ID, SOE)
BREN – Rp74.00 billion (Prajogo Pangestu)
CUAN – Rp71.00 billion (Prajogo Pangestu)
ADRO – Rp69.10 billion (Boy Thohir)
AADI – Rp66.60 billion (Boy Thohir)
BBTN – Rp62.60 billion (State-Owned Enterprise)
EMAS – Rp59.20 billion (Boy Thohir)
UNTR – Rp55.80 billion (Astra)
MDKA – Rp43.60 billion (Boy Thohir)
ISAT – Rp38.00 billion (Boy Thohir)
BRMS – Rp30.40 billion (Bakrie x Salim)
AMMN – Rp29.50 billion (Salim)
EXCL – Rp26.20 billion (Axiata x Sinarmas)
MAPI – Rp21.70 billion (MAP Group)
ARCI – Rp20.00 billion (Peter Sondakh)
PGAS – Rp18.20 billion (State-Owned Enterprise)