JCI Rises as Foreigners Sell Rp677 Billion; BBCA Leads Outflows

Jakarta, September 30, 2026 — Foreign investors remained net sellers in Indonesia's stock market on Wednesday morning, even as the Jakarta Composite Index (JCI) managed to recover and end the first trading session in positive territory.

Foreign net selling reached approximately Rp677.40 billion by the midday break, according to the Stockbit figures used in this report.

Bank Central Asia (BBCA) recorded the largest outflow at Rp144.37 billion. Telkom Indonesia (TLKM) and Bank Mandiri (BMRI) followed.

In contrast, Aneka Tambang (ANTM) attracted the largest foreign net purchases, illustrating how overseas investors can sell the broader market while buying individual stocks.

Foreign Sales Outpaced Purchases

Total foreign purchases reached approximately Rp2.02 trillion during the first session, while sales amounted to around Rp2.69 trillion.

That left a reported net foreign outflow of Rp677.40 billion across the market.

The figure measures the difference between sales and purchases, not the total value of shares sold.

It also does not imply that every foreign investor or every Indonesian stock experienced selling pressure.

Some investors continued to add positions in selected companies, but their purchases were outweighed by aggregate sales.

BBCA Accounted for the Largest Stock-Level Outflow

BBCA was the most heavily sold stock on a net basis, recording Rp144.37 billion in foreign net selling.

The reported trading volume associated with the figure was 23.66 million shares.

TLKM ranked second with an outflow of Rp64.56 billion, followed by BMRI with Rp44.49 billion.

Together, those three stocks accounted for a substantial portion of the negative foreign flows identified in the midday ranking.

Their presence is also relevant to the broader market because large-cap stocks can have a significant influence on the JCI, depending on their index weights.

The Ten Largest Foreign Net-Selling Positions

The following ranking is based on the Stockbit snapshot provided for the first trading session of September 30.

The outflows were spread across multiple industries.

Alongside major banks and telecommunications, energy- and mining-related stocks such as BUMI, MDKA, and DEWA appeared in the top-ten list.

That breadth suggests selling affected a selection of companies across the market rather than being confined to one industry.

However, the figures do not establish why individual investors sold those shares.

ANTM Attracted the Largest Foreign Inflow

Foreign selling was not universal.

ANTM led the buying side with Rp47.94 billion in net foreign purchases and a reported volume of 14.85 million shares.

UNTR ranked second at Rp28.30 billion.

BBRI followed with Rp16.38 billion, just ahead of GOTO at Rp16.34 billion. TEBE completed the five largest foreign-buying positions.

The full top-ten ranking was as follows.

The contrast between BBCA and BBRI is particularly notable.

While BBCA and BMRI recorded significant foreign outflows, BBRI appeared among the most heavily bought stocks.

Foreign transactions therefore differed even among Indonesia's major banking shares.

One session of data, however, is insufficient to establish a lasting shift in sector allocation.

The JCI Still Finished Higher

Despite the negative foreign flows, the JCI closed the first session 0.15% higher at 6,130.89, gaining 9.19 points.

The benchmark had opened at 6,118.05 before rising to an intraday high of 6,187.05.

The rally then faded, sending the index as low as 6,108.79 before a recovery brought it back into positive territory.

The midday close was therefore positive, but the trading range reflected considerable volatility.

Data from RTI, as reported by Indonesian market media, showed 409 stocks advancing, 236 declining, and 143 finishing unchanged.

Total turnover reached approximately Rp6.35 trillion, involving about 19.57 billion shares and 1.11 million transactions.

Why the Benchmark and Foreign Flows Diverged

A positive JCI does not require foreign investors to be net buyers.

The benchmark is determined by the weighted price performance of its constituent stocks.

Domestic investors can absorb foreign selling, while gains in other stocks can offset weakness in heavily sold names.

Index composition also plays a role. A strong move in a stock with a substantial index weight can influence the benchmark more than similar movements in several smaller companies.

On September 30, more stocks advanced than declined in the reported RTI snapshot, and most sector indices were in positive territory at midday.

Those market conditions are compatible with the JCI's modest gain, even as foreign investors recorded net selling.

Foreign Flow Is Not an Investment Signal on Its Own

A stock's appearance in a foreign-buying or foreign-selling ranking provides information about transactions during a particular period.

It does not explain the investors' intentions.

Large investors may adjust portfolios for many reasons, including changes in risk exposure, liquidity requirements, index rebalancing, or investment strategy.

Similarly, a positive foreign net-buy figure does not guarantee that a stock will rise.

To understand whether an emerging pattern is meaningful, investors need to examine multiple sessions and compare capital flows with prices, volume, company disclosures, and financial performance.

These Are Midday Figures, Not Full-Day Results

The reporting period is especially important in this case.

All the figures refer to the end of the first trading session on September 30, 2026.

Additional buying or selling during the afternoon could change both the overall foreign-flow figure and the ranking of individual stocks.

The JCI's final closing level could also differ from its midday reading.

The numbers should therefore be treated as an intraday snapshot rather than the final result of the trading day.

Bottom Line

Indonesia's JCI gained 0.15% to 6,130.89 during the first session on September 30, but foreign investors still recorded approximately Rp677.40 billion in net selling.

BBCA led the outflows at Rp144.37 billion, followed by TLKM and BMRI.

On the buying side, ANTM attracted the largest foreign net inflow at Rp47.94 billion, with UNTR and BBRI also receiving positive flows.

The session illustrates an important market dynamic: foreign investors can reduce their overall exposure while continuing to buy selected stocks, and the benchmark can rise despite net foreign selling.

The figures describe the market at midday and should not be interpreted as forecasts of subsequent share-price movements.

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