JCI Falls 1.20% as Foreigners Sell Rp1.49 Trillion: 10 Stocks Hit Hardest

Foreign investors sharply reduced positions in several Indonesian blue-chip and commodity-linked stocks on September 24, adding pressure to an already weak equity market.

The Jakarta Composite Index closed 1.20% lower at 6,298.61, losing 76.31 points.

The decline was broad: 462 stocks fell, 188 advanced and 144 were unchanged, while all 11 IDX sector indices finished in negative territory.

At the same time, foreign investors recorded approximately Rp1.49 trillion in net selling across all markets.

Regular-market net outflows alone reached roughly Rp1.42 trillion.

But the selling was far from evenly distributed.

Bank Mandiri Dominated Foreign Outflows

BMRI stood out by a wide margin.

Foreign investors sold a net Rp531.94 billion of Bank Mandiri shares during the session.

The stock closed 2.86% lower at Rp4,070.

That made BMRI not only the largest individual foreign outflow of the day, but also one of the more important sources of pressure on Indonesia's benchmark because of its size and liquidity.

Still, one day's foreign selling cannot establish the reason for the share-price move on its own.

Local flows, macro sentiment and other institutional activity also influence price formation.

BBRI and TLKM Were Next

Bank Rakyat Indonesia recorded approximately Rp141.17 billion in net foreign selling.

Telkom Indonesia followed with Rp84.61 billion.

Together with BMRI, those names put large-cap Indonesian stocks at the center of the foreign de-risking move.

The financial sector itself fell around 1.32% during the session.

The 10 Largest Regular-Market Foreign Outflows

Two independent end-of-day market recaps reviewed for this article produced the following ranking:

Bloomberg Technoz and Banyu Capital both reported PACK and CUAN in the ninth and tenth positions respectively.

Selling Was Not Limited to Banks

The composition of the list shows that the move extended beyond financials.

BUMI and DEWA have substantial exposure to energy and mining activity.

ANTM and AMMN are closely linked to metals.

TPIA is exposed to petrochemicals and infrastructure, while CUAN and PACK represent another set of market themes.

That makes the September 24 move look more like broad selective de-risking than a simple rotation out of one industry.

Commodity Names Were Under Pressure

BUMI recorded approximately Rp74.90 billion of foreign net selling.

ANTM followed at around Rp51.65 billion and DEWA at Rp39.70 billion.

BUMI and DEWA also posted sizeable share-price declines during the session.

But daily foreign flow can change rapidly.

A stock appearing in a foreign-sell ranking today could return to foreign net buying within a few sessions as institutions rebalance portfolios.

Basic Materials Led Sector Losses

The JCI decline was broad enough that every major sector finished lower.

Basic materials was the weakest, falling approximately 2.17%.

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

That market breadth matters.

It suggests the 1.20% index decline was not merely the result of weakness in a handful of heavyweight companies.

Market Turnover Reached Rp11.23 Trillion

Total trading value reached approximately Rp11.23 trillion.

About 29.31 billion shares changed hands across roughly 1.66 million transactions.

The regular market accounted for about Rp9.78 trillion of turnover, while negotiated transactions represented roughly Rp1.45 trillion.

Against that backdrop, Rp1.49 trillion of aggregate foreign net selling represented a meaningful flow.

Macro Conditions Added to Risk Aversion

Indonesian market reports linked the day's weakness to a combination of high oil prices, rupiah pressure and rising U.S. Treasury yields.

Those factors can make emerging-market assets less attractive at the margin.

Higher U.S. yields can increase the appeal of dollar-denominated fixed-income assets, while a weaker local currency can increase perceived risk for foreign investors.

Still, they should be treated as contributing factors rather than a single proven cause of the JCI's decline.

Foreigners Were Not Selling Everything

Despite the Rp1.49 trillion overall outflow, several Indonesian stocks continued to attract foreign capital.

ASII recorded the largest foreign inflow at roughly Rp24.4 billion.

MEDC followed at around Rp20 billion and COIN at approximately Rp20.1 billion.

That is an important distinction.

Foreign investors were reducing Indonesian equity exposure overall, but they were also selectively reallocating capital into individual stocks.

The session was therefore not a blanket exit from the market.

All-Market and Regular-Market Data Are Different

Foreign-flow numbers can look confusing because market reports often use different scopes.

Regular-market flow covers ordinary exchange trading.

All-market flow also incorporates negotiated and cash-market transactions.

On September 24:

• Foreign net sell across all markets: approximately Rp1.49 trillion

• Foreign net sell in the regular market: approximately Rp1.42 trillion

Both numbers are valid, but they measure slightly different transaction pools.

A Foreign Sell Is Not Automatically a Fundamental Verdict

A large institutional investor can sell for reasons unrelated to a company's underlying business.

Portfolio managers rebalance indexes, change country allocation, reduce risk, raise liquidity or lock in gains.

Foreign net selling should therefore not automatically be interpreted as a negative long-term view of the company.

The same applies in reverse: foreign net buying is not an investment recommendation.

Watch the Pattern, Not Just the Daily Ranking

The more useful question is whether the foreign outflow persists.

If BMRI, BBRI or another large stock experiences repeated net selling over several sessions alongside declining prices and increasing volume, the pattern becomes more meaningful.

If the flow reverses quickly, September 24 may have represented little more than short-term positioning.

A multi-session view is therefore more informative than a single daily leaderboard.

Bottom Line

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

Foreign investors recorded approximately Rp1.49 trillion in all-market net selling and about Rp1.42 trillion in regular-market outflows.

BMRI led the selling at Rp531.94 billion, followed by BBRI, TLKM, BUMI and ANTM.

DEWA, TPIA, AMMN, PACK and CUAN completed the top ten in the two end-of-day datasets cross-checked for this article.

The key takeaway is not that foreign investors abandoned every Indonesian stock.

They were reducing risk aggressively in several large positions while continuing to buy selected names elsewhere in the market.

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