JCI Soars 1.68% as S&P Maintains Indonesia's Stable Outlook

The Jakarta Composite Index (IHSG) suddenly soared 1.68%, or 99.47 points, to 6,023.83 near the close of trading on Monday (13/7/2026). A total of 367 stocks rose, 282 fell, and 316 remained unchanged. Transaction value reached Rp10.38 trillion, involving 23.08 billion shares in 2.59 million transactions. Shares of Bakrie group companies were observed surging, along with those of other conglomerates owned by Prajogo Pangestu and the Sinar Mas group. The IHSG rallied after international rating agency S&P Global Ratings decided to maintain Indonesia’s credit rating at BBB for the long term and A-2 for the short term, while keeping the country’s outlook stable. In a report released on 13 July 2026, S&P assessed that the weakening of several Indonesian economic indicators, both fiscal and external, was temporary and had the potential to improve in the coming years. “We affirmed Indonesia’s credit rating at BBB for the long term and A-2 for the short term. The long-term rating outlook remains stable,” S&P stated in its report. S&P acknowledged that Indonesia’s fiscal and external position had been under pressure recently, triggered by high energy prices, rising global interest rates, a weakening rupiah, increased policy uncertainty, and debt accumulation. However, S&P considered these pressures to be non-permanent. According to the rating agency, improvements in commodity prices and government measures to control spending could help strengthen Indonesia’s fiscal and external conditions. S&P also highlighted various government efforts to improve governance in the natural resources and minerals sector, which were deemed to have the potential to increase state revenue and export performance in the long term. “We believe the government’s efforts to centralise management and reduce leakages in the natural resources and minerals sector can ultimately increase state revenue and export earnings, especially if policy implementation continues to improve,” S&P wrote. Meanwhile, foreign investors continued net selling in the domestic stock market during the first session on Monday. Based on trading data, foreigners recorded a net sell of Rp274.8 billion across all markets. The total purchase value of foreign investors was recorded at Rp1.4 trillion, while the selling value reached Rp1.7 trillion, resulting in a net capital outflow of Rp274.8 billion. The stocks most sold by foreign investors in the first session were led by PT Mitra Adiperkasa Tbk (MAPI) with an estimated net sell value of around Rp110.4 billion, followed by PT Bank Central Asia Tbk (BBCA) at Rp94.5 billion, and PT Astra International Tbk (ASII) at Rp42.6 billion. On the other hand, foreign accumulation was led by PT Barito Pacific Tbk (BRPT) with an estimated net buy value of Rp70.7 billion, followed by PT Bumi Resources Minerals Tbk (BRMS) at Rp40.5 billion, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) at Rp18.8 billion, PT VKTR Teknologi Mobilitas Tbk (VKTR) at Rp18.4 billion, and PT Telkom Indonesia (Persero) Tbk (TLKM) at Rp15.1 billion.