IHSG Mixed Performance Amidst Foreign Investor Activity – February 20, 2026

Jakarta – The Jakarta Composite Index (IHSG) experienced a slight decline on Thursday, February 19, 2026, closing at 8,274.81, a decrease of 0.43%. Despite this dip, foreign investors demonstrated net buying activity, signaling continued interest in the Indonesian stock market.

Market Overview – February 19, 2026

The total transaction value reached IDR 26.24 trillion, with 53.30 billion shares traded across 3.33 million transactions. Market activity showed 326 shares gaining value, 366 declining, and 127 remaining unchanged. The technology sector experienced the largest correction, while the raw materials sector saw the most significant gains.

Foreign Investor Activity – Top Net Buys

Despite the overall market softening, foreign investors were net buyers, with total purchases reaching IDR 387.80 billion across all markets, and IDR 633.17 billion in negotiated and cash markets. They also sold IDR 245.37 billion in the regular market. The following stocks saw the highest net foreign buying on February 19, 2026:

• PT Merdeka Battery Materials Tbk. (MBMA) – IDR 249.95 billion
• PT Aneka Tambang Tbk. (ANTM) – IDR 172.96 billion
• PT United Tractors Tbk. (UNTR) – IDR 113.02 billion
• PT Adaro Andalan Indonesia Tbk. (AADI) – IDR 103.59 billion
• PT Bumi Resources Tbk. (BUMI) – IDR 93.21 billion
• PT Bumi Resources Minerals Tbk. (BRMS) – IDR 83.10 billion
• PT Merdeka Copper Gold Tbk. (MDKA) – IDR 75.87 billion
• PT Vale Indonesia Tbk. (INCO) – IDR 43.08 billion
• PT Astrindo Nusantara Infrastructure Tbk. (BIPI) – IDR 42.22 billion
• PT Archi Indonesia Tbk. (ARCI) – IDR 41.23 billion

Market Outlook

Phintraco Sekuritas suggests the IHSG will likely move within a range of 8,200-8,300 on Friday, February 20, 2026. This projection is based on a widening positive histogram in the Moving Average Convergence Divergence (MACD) and a Stochastic Relative Strength Index (RSI) approaching overbought levels, coupled with increased selling volume.

BI Rate and Rupiah Stability

Bank Indonesia (BI) maintained its benchmark interest rate (BI rate) at 4.75% for the fifth consecutive time on February 19, 2026, aiming to stabilize the Rupiah and maintain inflation within the 1.5%-3.5% target range. The Rupiah closed slightly weaker at IDR 16,894 per US dollar. Concerns regarding Indonesia’s fiscal situation and potential credit rating downgrades by MSCI and Moody’s are contributing to Rupiah weakness.

Inflationary Pressures

Indonesia’s inflation rate rose to 3.55% year-on-year in January 2026, the highest level since May 2023.