Foreign Selling Action Reaches Rp 2 Trillion, Causing IHSG to Drop 3.38 Percent: What Should Retail Investors Do?

JAKARTA, KOMPAS.com - The Composite Stock Price Index (IHSG) fell 249.116 points or 3.38 percent at the close of trading on Friday (24/4/2026).

Pressure came from foreign fund outflows and the weakening exchange rate of the rupiah against the US dollar.

Market observer and Founder of Republik Investor, Hendra Wardana, stated that the pressure was triggered by persistently high global interest rates.

This condition is driving fund outflows from emerging markets, including Indonesia.

The accumulated net selling by foreigners since the beginning of 2026 has reached Rp 40 trillion.

Data from the Indonesia Stock Exchange recorded foreign investors conducting net selling of Rp 2 trillion across the entire market on Friday.

The regular market recorded a net sell of Rp 3.02 trillion. The cash and negotiation markets recorded a net buy of Rp 1.02 trillion.

PT Bank Central Asia Tbk experienced the largest net sell of Rp 2.1 trillion.

PT Bank Mandiri Tbk recorded Rp 618.9 billion, and PT Bank Rakyat Indonesia Tbk Rp 447.3 billion.

Stocks with the largest net buy included PT Saratoga Investama Sedaya Tbk at Rp 814.6 billion.

PT Merdeka Gold Resources Tbk at Rp 277.4 billion, and PT Bank Negara Indonesia Tbk at Rp 77.8 billion.

The rupiah exchange rate weakened to the range of Rp 17,200 to Rp 17,300 per US dollar.

This situation raises concerns about macroeconomic stability and import burdens.

“Domestically, today’s decline was also exacerbated by panic selling and forced selling actions, evident from the very negative market breadth (decliners far dominating) and uniform pressure across all sectors, particularly energy, infrastructure, and property,” said Hendra.

The IHSG is currently testing the support area of 7,100 to 7,125. If it fails to hold, the weakening could continue to 6,950 to 7,000.

“However, technically, because the decline has been quite deep in a short time, the opportunity for a technical rebound remains, especially if positive sentiments emerge such as a strengthening rupiah or global market stabilisation,” he explained.

The rebound is considered limited. The initial resistance is at 7,150 to 7,200. The market is still in a downward phase with high volatility.