Foreign Investors Continue Net Selling: Who is Supporting the JCI?
JAKARTA, KOMPAS.com - The net selling actions by foreign investors continue to loom over trading in the domestic capital market. Net selling often becomes a burden for the Composite Stock Price Index (JCI).
This pressure particularly hits large-cap or blue-chip shares, especially in the banking sector, which serves as the main driver of the index.
On Wednesday’s trading (6/5/2026), foreign investors conducted net selling worth Rp 484 billion across the entire market. The largest foreign selling pressure occurred on shares of PT Bank Mandiri (Persero) Tbk (BMRI) with a selling value of Rp 189 billion.
Foreign selling actions were also recorded on shares of PT Barito Pacific Tbk (BRPT) amounting to Rp 122 billion. PT Bank Central Asia Tbk (BBCA) worth Rp 90 billion. Meanwhile, shares of PT Petrindo Jaya Kreasi Tbk (CUAN) recorded foreign net selling of Rp 79 billion, and PT Petrosea Tbk (PTRO) Rp 74 billion.
Amid the heavy outflow of foreign funds, domestic investors up to second-liner shares - shares with medium market capitalisation below the blue-chip group - have instead become the supporters of the JCI.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, said that big-cap shares are the group vulnerable to foreign capital outflow actions. This is because global investors hold significant ownership portions in those shares, for example, in the banking sector there are BBCA, BBRI, up to BMRI.
“When foreign investors release blue-chip shares, that’s the net selling, and blue-chip shares like banking, for example, there are BRI, Mandiri, and BCA,” Nafan stated when contacted by Kompas.com on Wednesday evening.
Local institutional investors such as pension funds, insurance companies, investment managers, up to the Workers’ Social Security Agency (BPJS Ketenagakerjaan) are believed to be actively accumulating shares when prices experience corrections or are deemed to have potential for long-term gains.
“Well, these local institutional fund players are truly taking advantage of opportunities to accumulate shares for the long term like that,” he explained.