IHSG Hits New Record High: Top 10 Foreign Net Buys Today
Indonesian Stocks Surge to All-Time High, Foreign Flows Tell a Complex Story
Jakarta – Indonesian stocks reached a new peak on Wednesday, defying expectations as foreign investors cautiously pulled back from the market. The benchmark Jakarta Composite Index (IHSG) closed up 0.94%, gaining 80.24 points to reach a record 8,602.13.
The trading day saw robust activity, with Rp26.74 trillion (approximately $1.67 billion USD) changing hands across 2.7 million transactions, involving 53.99 billion shares. Of the companies traded, 293 saw gains, while 365 experienced declines, and 149 remained stable.
Foreign Investor Sentiment: A Nuanced Picture
Despite the overall market optimism, foreign investors registered a net outflow of Rp550.44 billion (roughly $34.3 million USD) across all markets. This selling pressure was concentrated in regular market transactions (Rp506.34 billion) with a smaller outflow in negotiated and cash markets (Rp44.11 billion). This divergence between index performance and foreign activity suggests a complex interplay of factors driving the market.
Analysts suggest the outflow may be due to profit-taking after a sustained period of gains, or repositioning of portfolios in anticipation of potential global economic headwinds. Indonesia’s strong domestic demand and relatively stable political environment continue to attract long-term investment, however.
Leading the Charge: Rukun Raharja and Other Top Picks
Rukun Raharja (RAJA) emerged as the day’s biggest beneficiary of foreign investment, experiencing a substantial net buy of Rp158.2 billion (approximately $9.8 million USD). This surge in demand coincided with a remarkable 19.82% increase in the company’s share price.
Other companies attracting significant foreign interest included telecommunications giant Telkom Indonesia (TLKM), with a net buy of Rp128.79 billion ($8.0 million USD), and leading bank Bank Mandiri (BMRI), which saw a net inflow of Rp103.2 billion ($6.4 million USD).
Top 10 Stocks with Largest Foreign Net Buys (November 26, 2025)
- PT Rukun Raharja Tbk. (RAJA) – Rp158.20 billion
- PT Telkom Indonesia (Persero) Tbk. (TLKM) – Rp128.79 billion
- PT Bank Mandiri (Persero) Tbk. (BMRI) – Rp103.20 billion
- PT Astra International Tbk. (ASII) – Rp58.32 billion
- PT Aneka Tambang Tbk. (ANTM) – Rp43.45 billion
- PT Energi Mega Persada Tbk. (ENRG) – Rp39.10 billion
- PT Darma Henwa Tbk. (DEWA) – Rp34.85 billion
- PT Sentul City Tbk. (BKSL) – Rp33.21 billion
- PT Elang Mahkota Teknologi Tbk. (EMTK) – Rp33.03 billion
- PT Japfa Comfeed Indonesia Tbk. (JPFA) – Rp32.88 billion
The Indonesian government has been actively promoting foreign investment through regulatory reforms and infrastructure development, aiming to solidify the country’s position as a key emerging market. The Central Bureau of Statistics recently reported a 5.05% GDP growth for the third quarter of 2025, further bolstering investor confidence.