JCI Remains Under Pressure as Foreign Investors Turn Net Buy

Foreign investors recorded net buying amid heavy pressure hitting the domestic stock market. In the first trading session on Thursday (4/6/2026), foreign investors posted a net buy of Rp179 billion, even as the Jakarta Composite Index (JCI) remained under severe pressure. Trading data showed foreign investors recorded total purchases of Rp6.1 trillion and sales of Rp5.9 trillion, resulting in the net buy of Rp179 billion. Interestingly, the foreign buying emerged when the domestic market is experiencing an extreme pressure phase. A day earlier, the JCI had slumped more than 4% to fall below the psychological level of 6,000. In fact, during Thursday morning trading, the pressure had not subsided, with the index briefly falling again to the 5,600 area. Amid these conditions, foreign investors appeared to be accumulating certain stocks. Prajogo Pangestu’s company, Chandra Asri Pacific (TPIA), was the stock most heavily collected by foreigners, with a net buy of Rp135.6 billion. It was followed by a number of commodity stocks, such as Merdeka Copper Gold (MDKA), Darma Henwa (DEWA), Alamtri Resources Indonesia (ADRO), and Petrindo Jaya Kreasi (CUAN). On the other hand, foreign selling continued to hit large banking stocks. Selling pressure on these big bank stocks is one reason the JCI is still struggling to escape pressure. Banking stocks have a large weighting on the index, so when big banks are hit, the JCI’s movement is dragged down. The domestic market condition is currently not good. The JCI had lost more than 4% on Wednesday trading and continued the pressure until today’s lunch break. The weakening rupiah, global risk-off sentiment, investor concerns about the domestic market, and pressure on large-cap stocks have driven the market into a deep correction phase. Nevertheless, the emergence of foreign net buying amid a depressed market could be an indication that some global investors are beginning to take advantage of the sharp correction for selective accumulation. However, the magnitude of the pressure on banking stocks shows that the overall market is still far from recovering.