JCI Rises 0.15% Despite Rp677 Billion Foreign Net Selling

Jakarta, September 30, 2026 — Indonesia's stock market ended Wednesday's first trading session with modest gains, but foreign investors continued to reduce their overall equity exposure.

The Jakarta Composite Index (JCI) advanced 0.15%, or 9.19 points, to 6,130.89, despite approximately Rp677.4 billion in foreign net selling.

Bank Central Asia (BBCA) led the foreign outflows, while Aneka Tambang (ANTM) attracted the largest net purchases from overseas investors.

The contrast underscores an important market dynamic: a positive benchmark does not necessarily indicate that foreign capital is flowing into equities.

Market Breadth Was Positive Despite Foreign Selling

According to the market figures reported for the first session, 409 stocks advanced, 236 declined, and 143 remained unchanged.

Total trading value reached approximately Rp6.36 trillion, with 19.57 billion shares changing hands across roughly 1.12 million transactions.

The benchmark briefly climbed more than 1% earlier in the session before giving back most of its gains.

Sector performance was mixed. Industrials led the advances with a 1.63% increase, while technology suffered the sharpest decline, falling 2.02%.

The result was a market in which more individual stocks gained than lost, even though overseas investors were net sellers.

Foreign Investors Sold More Than They Bought

Foreign investors purchased approximately Rp2.02 trillion worth of equities but sold around Rp2.69 trillion, producing net selling of Rp677.4 billion.

Net selling measures the difference between purchases and sales. It does not mean foreign investors made no purchases during the session.

The aggregate figure also masks substantial differences between individual stocks.

Some large-cap companies recorded considerable outflows, while selected mining, industrial, banking, and technology-related stocks continued to attract foreign demand.

BBCA Was the Largest Foreign-Selling Target

BBCA posted the largest net foreign outflow at Rp144.37 billion.

The bank also had the highest overall trading value in the source report, at approximately Rp547.08 billion, while its share price fell 0.81%.

These two values describe different things.

The Rp547.08 billion figure refers to total trading activity, whereas Rp144.37 billion represents net selling by foreign investors.

Telkom Indonesia (TLKM) followed BBCA with net foreign selling of Rp64.56 billion.

Bank Mandiri (BMRI) ranked third with Rp44.49 billion.

Interestingly, BMRI's share price gained 0.50% despite the foreign outflow, demonstrating that net foreign selling does not automatically result in a lower stock price.

Five Stocks Recorded the Largest Outflows

The five biggest foreign net-selling positions during the September 30 first session were:

The ranking shows selling pressure across banking, telecommunications, and other listed companies.

However, the figures capture only one half-day of trading. They are not sufficient to establish whether the outflows represent a sustained change in investors' long-term positions.

Foreign Buying Continued in Selected Stocks

The selling pressure was not universal.

ANTM recorded the largest foreign net inflow, reaching Rp47.94 billion.

United Tractors (UNTR) followed with Rp28.30 billion.

Bank Rakyat Indonesia (BBRI) attracted Rp16.38 billion, narrowly ahead of GoTo Gojek Tokopedia (GOTO) at Rp16.34 billion.

Dana Brata Luhur (TEBE) completed the five largest foreign-buying positions with Rp15.63 billion.

The presence of BBRI on the buying list is particularly noteworthy.

While BBCA and BMRI recorded foreign outflows, BBRI attracted net purchases and gained 0.32% during the first session.

It illustrates how foreign positioning can differ even among major companies within the same industry.

Why the JCI Could Rise Despite the Outflow

The JCI is based on the weighted price movements of its constituent stocks, not simply on whether foreign investors are buying or selling.

Domestic buying can absorb foreign sales, and gains in certain stocks can offset losses elsewhere.

A positive foreign-flow figure is therefore not required for the benchmark to advance.

Similarly, negative foreign flow does not automatically prove that a company has become less attractive on fundamental grounds.

Institutional investors may change their positions for reasons including portfolio rebalancing, liquidity management, valuation considerations, and broader risk exposure.

The data identify what was bought or sold on a net basis. They do not independently establish the motivation behind each transaction.

The Reporting Period Matters

All the figures in this report refer to the first trading session on September 30, 2026.

They should not be confused with full-day closing statistics.

Afternoon transactions may change the JCI's final level, total foreign net selling, and the ranking of individual stocks.

Investors examining capital-flow trends therefore need to distinguish intraday snapshots from end-of-day data and consider trading patterns across multiple sessions.

Bottom Line

Indonesia's JCI rose 0.15% to 6,130.89 in Wednesday's first session, despite foreign net selling of approximately Rp677.4 billion.

BBCA led the selling at Rp144.37 billion, followed by TLKM, BMRI, CUAN, and PACK.

On the buying side, ANTM attracted the largest foreign net inflow at Rp47.94 billion, ahead of UNTR, BBRI, GOTO, and TEBE.

The session illustrates how foreign investors can reduce their aggregate holdings while continuing to buy selected stocks.

It also demonstrates that foreign-flow rankings describe trading activity, not a reliable prediction of future share-price performance.

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