Largest Foreign Share Purchases Since MSCI Announcement in January
Foreign investors have recorded cumulative purchases in large-capitalisation shares on the Indonesian Stock Exchange (BEI) over the past month, responding to Morgan Stanley Capital International’s (MSCI) decision to defer adding new standard Indonesian shares during February’s rebalancing period.
Amid MSCI’s policy to postpone the addition of new standard shares from Indonesia in February’s rebalancing, foreign capital flows have concentrated on large-cap shares with high liquidity. Based on trading data from the past month, the heavy equipment, banking, and conglomerate sectors have become the primary targets of accumulation.
PT United Tractors Tbk (UNTR) leads with net foreign flows reaching IDR 788.44 billion, followed by PT Bank Mandiri (Persero) Tbk (BMRI) at IDR 668.20 billion, and PT Astra International Tbk (ASII) at IDR 499.60 billion.
This accumulation trend indicates that liquidity and business stability remain the primary proxies for foreign capital placement in the Indonesian equity market, although Indonesia has recorded total outflows of approximately IDR 11.23 trillion since the MSCI announcement on 28 January 2026.
Share Price Movements Over the Past Month
Based on trading data from 27 January to 27 February 2026, this substantial inflow of foreign capital has had varying impacts on the share price performance of the ten listed companies. Most shares have posted price appreciation, though several have recorded corrections.
The highest price increase over the one-month period was led by PT Vale Indonesia Tbk (INCO), which recorded growth of 16.18% from the level of IDR 6,800 to IDR 7,900 per share.
The following position was held by PT Bank Tabungan Negara (Persero) Tbk (BBTN) with an increase of 11.65%, followed by PT United Tractors Tbk (UNTR) which rose 11.39%. Other blue-chip shares such as BMRI, ASII, BBRI, and ADRO also recorded moderate growth within the range of 2.18% to 9.67%.
Conversely, not all shares targeted for accumulation resulted in price increases. PT Amman Mineral International Tbk (AMMN) recorded a slight decline of 1.92%.
More pronounced corrections were experienced by PT Bumi Resources Minerals Tbk (BRMS), which weakened by 25.10% from IDR 1,295 to IDR 970, and PT XLSMART Telecom Sejahtera Tbk (EXCL), which fell as much as 29.40%.
This situation indicates that high net foreign buying in a listed company does not always translate directly into a linear surge in its share price in the short term.