JCI Drops 1.20% as Foreigners Still Buy These 10 Indonesian Stocks

Indonesia's stock market suffered a broad decline on September 24, but foreign investors did not sell every stock.

The Jakarta Composite Index fell 1.20% to 6,298.61, losing 76.31 points.

The decline was widespread: 462 stocks finished lower, 188 gained and 144 were unchanged.

All 11 IDX sector indices ended the session in negative territory.

Foreign investors were also heavy net sellers overall.

Yet several individual stocks still attracted positive foreign flows.

Foreigners Sold Rp1.49 Trillion Overall

Foreign investors recorded approximately Rp1.49 trillion in net selling across all markets.

In the regular market alone, the net outflow reached about Rp1.42 trillion.

Foreign purchases in regular trading totaled roughly Rp2.48 trillion, while sales reached approximately Rp3.90 trillion.

That makes the distinction between aggregate market flows and stock-specific flows particularly important.

Even when foreigners are reducing Indonesian equity exposure overall, they can simultaneously add positions in selected companies.

The 10 Biggest Regular-Market Foreign Net Buys

The following stocks recorded the largest net foreign purchases in regular trading on September 24:

These figures refer specifically to the regular market.

ASII Led Foreign Buying

Astra International recorded the largest foreign net inflow at approximately Rp24.42 billion.

Indo Premier's market summary also ranked ASII as the day's biggest foreign inflow.

That does not change the broader market picture.

Rp24 billion of buying in one stock is small relative to Rp1.49 trillion of overall foreign net selling.

Instead, it highlights selective positioning within an otherwise risk-off session.

MEDC and COIN Followed

MEDC ranked second with around Rp20.44 billion in net buying.

COIN followed closely at Rp20.12 billion.

Their presence near the top of the list shows that foreign investors continued reallocating capital rather than exiting every segment of the Indonesian market simultaneously.

But one session of buying is insufficient to establish a longer-term accumulation trend.

ASLI Was a Special Case

ASLI attracted roughly Rp17.10 billion of foreign net buying.

Its shares also jumped 17.39% to Rp486 on September 24.

The story changed the next morning.

IDX suspended ASLI from the first session on September 25 because of a significant cumulative price increase.

The exchange described the move as a cooling-down measure designed to give investors time to review available information.

The sequence is an important reminder that strong foreign buying does not eliminate volatility or exchange-supervision risk.

TINS and BBCA Also Drew Inflows

TINS received around Rp10.36 billion in foreign net purchases, while BBCA recorded Rp6.92 billion.

INDF, CMNT, INET and ERAA completed the top ten.

The amounts were relatively modest compared with the selling taking place in several heavyweight stocks.

BMRI Absorbed More Than Rp500 Billion of Selling

Bank Mandiri was the largest target of foreign selling.

BMRI recorded roughly Rp531.94 billion in net foreign outflows.

BBRI followed at about Rp141.17 billion, while TLKM recorded Rp84.61 billion, BUMI Rp74.90 billion and ANTM Rp51.65 billion.

Foreign selling in large-cap stocks helps explain how the benchmark could fall sharply even as ten other stocks attracted positive flows.

Index impact depends not just on the number of stocks being bought or sold, but also on market capitalization and index weighting.

Every Sector Finished Lower

The selloff extended across the market.

Basic materials dropped about 2.17%, the sharpest sector decline.

Industrials lost roughly 2.09%, while property fell about 1.66%.

The fact that all 11 sector indices closed lower shows that September 24 was a broad risk-off session rather than a weakness isolated to one industry.

Trading Value Reached Rp11.23 Trillion

Total market turnover reached approximately Rp11.23 trillion, involving 29.31 billion shares and about 1.66 million transactions.

Regular-market turnover was about Rp9.78 trillion, with negotiated transactions adding approximately Rp1.45 trillion.

Calling that turnover “quiet” would require comparison with a relevant average, so the raw figure provides a more defensible description on its own.

Oil, the Rupiah and Treasury Yields Weighed on Sentiment

Market reports linked the session's weakness to several external pressures.

Oil prices were rising again, the rupiah remained under pressure and U.S. Treasury yields had strengthened.

Those factors can reduce appetite for emerging-market risk assets.

Still, no single variable fully explains a one-day move in the JCI.

Foreign flows, local investor positioning and changes in heavyweight stocks all contributed to the final index performance.

Foreign Buying Is Not a Buy Recommendation

Foreign-flow data can be useful for understanding investor positioning.

But net foreign buying does not mean international investors are collectively issuing a recommendation on a stock.

It simply means the value of foreign purchases exceeded foreign sales during the measurement period.

The flow can reverse the following day.

ASLI is a useful example: strong foreign buying and a sharp price increase were followed by an IDX suspension the next session.

Multi-Day Patterns Matter More

A stronger accumulation signal usually requires repeated evidence.

Investors can watch whether a stock receives foreign net buying for several sessions, whether the price holds up alongside the inflows and whether trading liquidity remains healthy.

Consistent buying across several sessions contains more information than a single daily ranking.

Even then, fund-flow data should be considered alongside financial performance, valuation and company disclosures.

Bottom Line

Indonesia's JCI fell 1.20% to 6,298.61 on September 24, with 462 stocks declining and all 11 sectors ending lower.

Foreign investors recorded approximately Rp1.49 trillion of net selling across all markets, including Rp1.42 trillion in the regular market.

Despite the broad outflow, ASII led regular-market foreign buying with Rp24.42 billion.

MEDC, COIN, ASLI, TINS, BBCA, INDF, CMNT, INET and ERAA completed the top-ten list.

The figures show selective foreign positioning within a broadly negative market.

They do not prove that the stocks will outperform in subsequent sessions.

That distinction became particularly relevant for ASLI, whose trading was suspended by IDX the following morning following a significant cumulative price increase.

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