IHSG Pressured as Rupiah Weakens and MSCI Rebalancing Drives Sentiment

JAKARTA - The Indonesian Stock Exchange’s main index (IHSG) closed in the red on Friday (29 May 2026), falling 0.05% to 6,127.381. Despite the relatively modest decline, foreign investors exerted significant selling pressure. Data from the Indonesia Stock Exchange (BEI) showed foreign investors recorded a net sell of Rp 8.36 trillion. Bank Central Asia (BBCA) shares were the most sold by foreign investors, with a net sell value of Rp 1.959 trillion. PT Amman Mineral Internasional (AMMN) also saw a net sell of Rp 1.610 trillion. Selling pressure also affected other major banks: Bank Rakyat Indonesia (BBRI) recorded a net sell of Rp 738 billion, while Bank Mandiri (BMRI) saw Rp 390 billion sold by foreign investors. Despite the strong outflow of foreign capital, some stocks recorded net buys. Astra International (ASII) had the largest net buy at Rp 137 billion, while GoTo Gojek Tokopedia (GOTO) recorded Rp 96 billion. Rupiah depreciation and large bank stocks could weigh on the IHSG. The rupiah’s depreciation, breaking through the psychological level of above Rp 17,800 per US dollar, is seen as further pressuring the IHSG. The rupiah spot rate closed weaker on Friday (29 May 2026), depreciating 35 points or 0.20% to Rp 17,880 per US dollar. Minutes before the close, the rupiah touched Rp 17,893 per US dollar, down 48 points or 0.27%.