Foreigners Sell Rp1.27 Trillion, Yet These 10 Indonesian Stocks Attract Buying

Jakarta, October 2, 2026 — Indonesia's stock market ended the week with an unusual combination: the benchmark index rose, domestic investors were net buyers, and foreign investors continued to pull money out of the market overall.

The Jakarta Composite Index (JCI) gained 0.46% to 6,036.89, even though foreign investors recorded approximately Rp1.27 trillion in net selling across all markets.

Behind that headline outflow, however, overseas investors continued to accumulate selected stocks.

BBCA led the buying list used for this report, followed by EMAS, PTBA and ASII.

The divergence demonstrates why aggregate foreign outflows and individual stock flows need to be analyzed separately.

Foreign Investors Were Net Sellers, Not Absent Buyers

Foreign investors bought approximately Rp4.26 trillion worth of shares during the session.

Their sales were larger, reaching around Rp5.53 trillion.

The difference resulted in roughly Rp1.27 trillion of net foreign selling.

In the regular market alone, net selling reached approximately Rp1.31 trillion.

Negotiated and cash-market transactions moved in the opposite direction, recording about Rp32.82 billion in net foreign buying.

This distinction matters because a negative headline number does not mean foreign investors stopped buying Indonesian equities.

It means their total sales exceeded their total purchases.

Domestic Investors Moved the Other Way

Domestic investors recorded approximately Rp8.00 trillion in purchases and Rp6.73 trillion in sales.

Their net buying helped absorb foreign selling during the session.

This provides one explanation for how Indonesia's benchmark could finish higher even as foreign investors reduced their aggregate exposure.

The JCI is determined by share-price movements across its constituents, not by foreign trading alone.

Domestic demand, stock weightings and sector performance can all support the benchmark.

The JCI Recovered From an Intraday Drop

The index opened at 6,018.08 and climbed as high as 6,053.23.

It later fell below 6,000, touching an intraday low of 5,979.98, before recovering to finish at 6,036.89.

Market breadth remained mixed.

A total of 319 stocks advanced, while 337 declined and 134 were unchanged.

Trading volume reached approximately 121.54 billion shares, with turnover of around Rp12.26 trillion across roughly 1.62 million transactions.

Technology was the strongest sector, while energy and consumer staples also supported the market.

BBCA Led Selective Foreign Buying

Despite the broad outflow, Bank Central Asia recorded approximately Rp44.19 billion in net foreign purchases in the ranking used for this report.

Merdeka Gold Resources followed at Rp29.57 billion.

Coal producer Bukit Asam ranked next at Rp29.13 billion, while Astra International attracted Rp18.06 billion.

Ultra Jaya Milk Industry & Trading Company completed the top five with Rp16.14 billion.

These figures show that foreign investors continued to differentiate between individual companies even while selling Indonesian equities on an aggregate basis.

Ten Stocks Attracting Foreign Net Buying

Based on the Stockbit snapshot underlying the source material, the ranking was:

The companies span banking, mining, consumer goods, automotive distribution, cement and industrial services.

The variety reinforces the idea that foreign investors were selectively reallocating capital rather than taking a uniform view of one industry.

Commodity-Linked Stocks Featured Prominently

Several names on the list have significant commodity exposure.

EMAS is linked to gold, PTBA to coal, TINS to tin, and AMMN to copper and gold.

DEWA and BUMI are also closely connected to mining and energy activity.

That cluster may be notable, but a single trading session is not enough to establish a sustained rotation toward commodities.

A stronger conclusion would require repeated foreign inflows across multiple sessions alongside supporting price and volume trends.

One Bank Can Be Bought While Others Are Sold

BBCA's presence at the top of the net-buy list does not mean foreign investors were necessarily positive on Indonesia's banking sector as a whole.

Institutional investors often adjust individual positions differently within the same industry.

One bank can receive inflows while another experiences significant selling.

Sector-level conclusions therefore require broader evidence than the trading activity of a single stock.

Foreign Flow Rankings Can Differ

Investors may notice that foreign-flow rankings differ between market-data platforms.

This is not always an error.

Some datasets cover only the regular market, while others include negotiated and cash transactions.

Snapshots may also be taken at slightly different times.

A sizable negotiated transaction can materially change an all-market ranking without changing the regular-market leaderboard.

For that reason, foreign-flow figures should always be compared using the same market scope and reporting period.

Net Foreign Buying Is Not a Forecast

Daily foreign-flow rankings are useful for identifying where overseas investors were active.

They are not reliable forecasts of future share prices.

A stock can record foreign net buying and still decline, while a stock experiencing foreign selling may rise if domestic demand is stronger.

Institutional transactions can also reflect portfolio rebalancing, liquidity needs, index adjustments or short-term positioning.

Fundamental performance, valuation, company disclosures and multi-session trading patterns remain necessary for a broader assessment.

Bottom Line

Indonesia's JCI ended October 2 at 6,036.89, up 0.46%, despite approximately Rp1.27 trillion in foreign net selling across all markets.

Foreign investors sold more than they bought overall, but they still accumulated selected equities.

In the ranking used for this report, BBCA led foreign net buying at Rp44.19 billion, followed by EMAS, PTBA, ASII and ULTJ.

DEWA, BUMI, SMGR, TINS and AMMN completed the top ten.

The key takeaway is that aggregate capital outflow does not mean foreign investors are abandoning every Indonesian stock.

Foreign institutions can reduce overall exposure while continuing to build positions in selected companies.

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