JCI Jumps 1.36% Despite Foreign Selling: 10 Stocks Still Attract Buyers

Indonesia's stock market extended its rebound on Monday, October 5, even though foreign investors remained net sellers overall.

The Jakarta Composite Index gained 1.36% to 6,118.86, adding 81.97 points.

Foreign investors, however, recorded approximately Rp115.72 billion in net selling across all markets and Rp123.10 billion in regular-market outflows.

The apparent contradiction is explained by selective positioning.

Foreign institutions were selling the Indonesian market on a net basis while continuing to buy individual stocks, led by Bank Mandiri.

This Was the Second Day of Gains

The October 5 rally did not end a six-session losing streak.

The JCI had already risen 0.46% on Friday, October 2, after declines earlier in the week. Monday therefore marked the benchmark's second consecutive positive session.

The October 5 advance was also broad.

A total of 526 stocks gained, 153 fell and 114 finished unchanged.

Ten of the eleven IDX sector indices rose, led by property at 2.31%, basic materials at 2.07% and infrastructure at 1.99%.

Technology was the only declining sector, falling 1.33%.

Foreign Flows Remained Negative

The rebound was not accompanied by aggregate foreign inflows.

Foreign investors posted approximately Rp115.72 billion in all-market net selling.

Regular-market net selling reached Rp123.10 billion, while negotiated and cash transactions recorded approximately Rp7.39 billion in net foreign buying.

These figures mean foreign investors were still reducing Indonesian equity exposure overall.

But the selling was far from uniform.

BMRI Was the Largest Foreign Buy

Bank Mandiri recorded the largest stock-level foreign inflow at approximately Rp86.82 billion.

Its shares also rose around 1.74% to Rp4,100.

Ultra Jaya Milk Industry followed with Rp27.42 billion in foreign net buying, while Bank Central Asia attracted Rp24.50 billion.

The remaining top positions included companies from property, shipping, mining, digital infrastructure and petrochemicals.

Ten Stocks With the Largest Foreign Net Buying

The figures match the end-of-day foreign-flow recap reviewed for this article.

One company name also requires clarification: PKPK is PT Paragon Karya Perkasa Tbk, formerly PT Perdana Karya Perkasa Tbk. It is not Paragon Technology and Innovation.

Foreign Investors Took Different Views on Indonesian Banks

Banking flows were particularly mixed.

BMRI and BBCA attracted foreign purchases.

BBRI, by contrast, recorded approximately Rp71.23 billion in net foreign selling, making it the second-largest foreign outflow of the session.

The pattern is a reminder that investors can increase exposure to one bank while reducing another.

A single banking stock appearing on a foreign-buy list therefore does not prove that investors are rotating into the entire financial sector.

GOTO Led Foreign Selling

GOTO recorded the largest foreign outflow, at approximately Rp115.73 billion.

BBRI followed, while Astra International recorded net selling of about Rp55.87 billion.

BUMI, HRTA, UNTR, TLKM, DSSA, KIJA and MDKA also appeared among the biggest foreign-selling positions.

Those outflows outweighed the selective purchases in BMRI and other stocks, leaving the aggregate foreign balance negative.

How Could the JCI Rise Anyway?

Foreign investors are only one group participating in Indonesia's equity market.

Domestic investors can absorb shares sold by foreign institutions.

The JCI is also determined by the weighted price movements of its constituent companies, not directly by the foreign-flow balance.

According to one end-of-day analysis, the ten largest positive index contributors generated approximately 53.25 points of the JCI's total 81.97-point advance.

At the same time, broad market participation was strong enough to show that the rally was not purely a handful of large-cap stocks.

Net Selling Eased Into the Close

Foreign net selling had been approximately Rp205 billion around the midday break.

By the close, the all-market balance had narrowed to about Rp115.72 billion.

That does not prove that foreign investors were net buyers during the second session.

The available figures are cumulative snapshots rather than an official isolated Session II flow.

The defensible conclusion is simply that the overall foreign-selling balance became smaller before the market closed.

Foreign Buying Does Not Mean a Stock Drove the Index

Foreign-flow rankings and index contribution measure different things.

A stock can attract large foreign purchases without being one of the largest positive contributors to the JCI.

Foreign net buying measures the difference between foreign purchases and sales.

Index contribution depends on price movement and index weight.

It is therefore more accurate to say these ten stocks attracted foreign buying while the JCI rose, rather than claiming they caused the benchmark's 1.36% advance.

Bottom Line

Indonesia's JCI rose 1.36% to 6,118.86 on October 5, marking a second consecutive daily gain.

Foreign investors remained net sellers, recording approximately Rp115.72 billion in all-market outflows.

Yet selective buying continued.

BMRI led foreign net buying at Rp86.82 billion, followed by ULTJ, BBCA, BUVA and BULL.

PKPK, EMAS, WIFI, TPIA and BRMS completed the top ten.

The session shows why aggregate capital flows need to be separated from stock-level positioning: foreign investors can reduce overall exposure while simultaneously accumulating 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.