JCI Plunges 1.69%, Foreign Investors Still Buy These 10 Stocks

Indonesia's stock market suffered a broad selloff on September 22, but foreign investors were not selling everything.

The Jakarta Composite Index fell 1.69% to 6,277.04, losing 107.68 points.

Market breadth was heavily negative, with 533 stocks declining, only 139 advancing and 118 finishing unchanged.

Yet beneath the headline decline, foreign investors continued to accumulate a group of individual stocks.

TAPG, AADI and DEWA were among the largest foreign net buys in the regular market.

The Foreign Flow Number Has Two Different Versions

The first thing investors need to understand is where the transactions occurred.

Foreign investors posted approximately Rp671.63 billion of net selling in the regular market.

But they recorded around Rp539.91 billion of net buying through negotiated and cash-market transactions.

Once all venues were combined, total foreign net selling was only around Rp131.72 billion.

That distinction dramatically changes the picture.

Looking only at the all-market number would understate the amount of foreign selling taking place in ordinary regular-market trading.

The 10 Largest Regular-Market Foreign Net Buys

Despite the overall foreign outflow, these stocks recorded the largest net foreign purchases in regular trading on September 22.

The list refers specifically to the regular market.

Foreign Buying Did Not Guarantee Positive Returns

TAPG provides the clearest example.

The plantation company attracted the largest regular-market foreign net buy, at Rp36.89 billion.

Yet its shares still fell approximately 5.99% to Rp2,040 that day.

AADI showed a similar pattern.

Foreign investors bought a net Rp30.33 billion, while the shares fell about 3.88% to Rp11,150.

These examples show why foreign buying should not be interpreted as an automatic bullish signal.

Domestic investors may be selling more aggressively, or broader market pressure may overwhelm the foreign inflow.

DEWA Moved in the Other Direction

DEWA offered a different picture.

The stock recorded approximately Rp27.60 billion of foreign net buying and closed about 4.40% higher at Rp348.

That combination—foreign inflow and a rising share price—can look more constructive.

However, a single day still provides too little information to establish a sustained accumulation trend.

Foreign positioning can reverse quickly.

Commodity-Linked Stocks Dominated the List

Several names in the top 10 are linked to resources and commodities.

AADI, DEWA and CUAN have energy or mining exposure.

MDKA and AMMN are linked to metals and mining.

TAPG, LSIP and AALI are plantation companies.

That gave the September 22 foreign-buy list a noticeable commodity tilt.

Still, one day's flow does not prove that international investors have made a long-term sector allocation shift.

A more meaningful conclusion would require several sessions of consistent buying.

CUAN Held Up Better Than the Market

Petrindo Jaya Kreasi was one of the stocks able to move against the broader selloff.

CUAN received approximately Rp24.12 billion of net foreign buying and rose about 2.15% on the day.

Its positive performance while the benchmark fell can be described as relative strength for that session.

But that is a descriptive observation, not a prediction that the relative performance will continue.

Plantation Stocks Attracted Multiple Foreign Inflows

TAPG was not the only plantation stock on the list.

LSIP attracted around Rp21.74 billion, while AALI recorded roughly Rp19.02 billion in regular-market foreign net buying.

Having three plantation names among the top ten is notable.

Still, investors would need to consider palm-oil prices, company earnings, valuations and several days of fund flows before concluding that foreigners are systematically building long-term exposure to the sector.

AMMN and CPIN Complete the Verified List

AMMN ranked eighth with approximately Rp19.95 billion of foreign net buying.

AALI followed at Rp19.02 billion, while CPIN completed the top ten at around Rp17.33 billion.

This differs slightly from some preliminary lists circulated during or shortly after trading.

The verified regular-market list reviewed for this article includes CPIN rather than DSSA in tenth place.

Why Negotiated Trades Matter

A striking feature of September 22 was the size of foreign activity outside regular trading.

Negotiated and cash-market trades produced approximately Rp539.91 billion of foreign net buying.

CARE illustrates why venue matters.

Indo Premier's all-market summary shows roughly Rp509.4 billion of foreign inflow in CARE, making it the largest all-market inflow.

Yet CARE did not appear among the biggest regular-market foreign buys.

That strongly suggests the day's headline foreign-flow data were heavily affected by transactions outside normal regular-market trading.

For market articles, identifying the trading venue is therefore essential.

Big Banks Faced the Opposite Flow

While the ten stocks above attracted foreign money, several major Indonesian equities faced substantial selling.

BBRI recorded about Rp339.42 billion of net foreign selling.

TINS followed with roughly Rp104.75 billion, BBCA Rp101.44 billion, BMRI Rp85.24 billion and TPIA Rp83.72 billion.

The selling in large-cap stocks helped keep pressure on the benchmark.

A stock's impact on the JCI depends not only on its percentage move but also on its index weight.

The Market Closed Near Its Daily Low

The JCI traded as high as approximately 6,423.84 before falling to around 6,258.44.

It finished at 6,277.04, only about 19 points above the session low.

That positioning indicates selling pressure remained substantial into the close.

Ten of the market's eleven sectors were also reported lower, reinforcing the breadth of the decline.

This was not merely a selloff in one or two heavyweight stocks.

A Net Buy Is Data, Not an Investment Signal

Foreign ownership trends can be useful.

Large international institutions often influence liquidity and price formation in Indonesia's biggest listed stocks.

But a single day's net buy can occur for many reasons.

Portfolio rebalancing, index adjustments, hedging, short-term trading, block transactions and liquidity management can all influence the numbers.

That is why foreign-flow data are best treated as one analytical input rather than a standalone buy signal.

Consistency Matters More Than One Day

A stronger accumulation pattern would normally require more evidence.

Investors can monitor whether foreign buying continues over several sessions.

They can also compare the flow with price direction and transaction volume.

If foreign buying persists while a stock holds or gains value on healthy liquidity, the information may carry more weight than a one-day spike.

If the flow reverses the next day, the original signal may simply have been short-term positioning.

Bottom Line

Indonesia's JCI fell 1.69% to 6,277.04 on September 22, with 533 stocks declining.

Foreign investors sold a net Rp671.63 billion in regular-market trading, although buying through negotiated and cash markets reduced the all-market net outflow to Rp131.72 billion.

Even during the selloff, foreign investors remained net buyers in selected stocks.

TAPG led regular-market inflows at Rp36.89 billion, followed by AADI, DEWA, MDKA and CUAN.

SINI, LSIP, AMMN, AALI and CPIN completed the top ten.

The important distinction is that foreign buying does not guarantee a rising share price.

TAPG and AADI both fell despite positive foreign flows.

The data are therefore more useful as evidence of investor positioning than as a prediction of what individual stocks will do next.

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