IHSG Falls 19% in April, OJK's Notes

Jakarta, CNBC Indonesia — The performance of the domestic stock market throughout April 2026 remained under pressure. The Composite Stock Price Index (IHSG) was recorded to have weakened significantly.

The Executive Head of the Capital Market, Derivative Finance, and Carbon Exchange Supervisory Authority, Hasan Fawzi, stated that the domestic stock market in April 2026 moved dynamically in line with global uncertainties and the continued global volatility.

“But amid the dynamics, the resilience and liquidity of the capital market remained maintained,” said Hasan during the press conference for the April 2026 Board of Commissioners Monthly Meeting on Tuesday (5/5/2026).

Based on data from the Financial Services Authority (OJK), the IHSG closed at the level of 6,956.80 as of 30 April 2026, or down 19.55% year-to-date (ytd). This weakening also continued on a monthly basis compared to the end-of-March 2026 position at 7,048.22.

Pressure did not only occur on the main index. Several other indices also experienced significant corrections, including LQ45 down around 20.93% ytd, IDX80 weakening 20.92% ytd, and the Islamic stock index (ICBI) down 1.01% ytd.

The pressure on the IHSG was not detached from the foreign fund flows that still recorded an outflow. In April 2026, the stock market recorded a net sell by foreigners reaching Rp49.87 trillion (ytd). This figure is deeper compared to the March position of Rp32.85 trillion.

This foreign selling action also impacted market liquidity. Stock market capitalisation fell to Rp12,382 trillion, and the daily trading value (RNTH) slightly decreased to Rp24.99 trillion.

Nevertheless, there is one fairly positive indicator. The number of capital market investors continues to increase to 26.49 million, up from 24.74 million in March 2026. This indicates that domestic participation is still growing, although it has not yet been able to withstand the pressure from global capital outflows.

Moreover, the bid-ask spread range in the stock market in April was 1.33 times. “This shows that market liquidity is well maintained,” he said.