Indonesia Stock Exchange Rallies While Foreign Investors Offload Blue-Chip Shares
The Jakarta Composite Index rebounded sharply on Tuesday, October 20, 2026, closing up 5.65% or 282.28 points at 5,278.89, as reported by CNBC Indonesia. Despite the broad market rally, foreign investors maintained heavy net selling across the exchange, dumping a total of Rp2.21 trillion across all markets, including Rp2.13 trillion in the regular market and Rp80.33 billion in the cash and negotiation markets.
Banking Giants Lead Foreign Net Sell Lists
Trading activity during the rebound was brisk, recording a total volume of 567,9 juta lot valued at approximately Rp26,54 triliun. A total of 670 stocks advanced, 99 declined, and 30 remained stagnant. Stockbit data cited by CNBC Indonesia shows that foreign capital flowed out heaviest from major banking and telecommunications heavyweights. PT Bank Central Asia Tbk (BBCA) led the net foreign sell list with Rp966.11 billion, followed by PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) at Rp355.39 billion, and PT Bank Mandiri (Persero) Tbk (BMRI) at Rp269.82 billion.
Other equities facing heavy foreign distribution included PT Indosat Tbk (ISAT) at Rp125.65 billion, PT Merdeka Copper Gold Tbk (MDKA) at Rp117.82 billion, and PT Indofood CBP Sukses Makmur Tbk (ICBP) at Rp107.38 billion. Rounding out the top ten foreign outflow targets were PT Adaro Andalan Indonesia Tbk (AADI) at Rp84.24 billion, PT Timah Tbk (TINS) at Rp68.61 billion, PT Alamtri Resources Indonesia Tbk (ADRO) at Rp63.44 billion, and PT Bank Syariah Indonesia Tbk (BRIS) at Rp62.30 billion.
Telkom Rebounds as Foreign Buyers Accumulate TLKM Shares
In contrast to the broader foreign outflow, PT Telkom Indonesia Tbk (TLKM) attracted foreign buying interest during the Tuesday session. Stockbit reported that foreign investors recorded a net buy of Rp175,4 miliar in TLKM during the first session, supported by a 13.5% surge in the stock price to Rp2,010. This buying pressure contrasted with the previous session on Monday, October 19, 2026, when TLKM shares plummeted 6,84 persen to Rp1,770 with a net foreign sell of Rp367,4 miliar. CGS International Sekuritas Indonesia estimated that TLKM’s nearest target price ranged from Rp1,803 to Rp1,837, a range that the current price has already surpassed, while noting support levels between Rp1,737 and Rp1,753. Meanwhile, the 14-period Relative Strength Index stood at 14.8, placing the stock in oversold territory. This signaled intense downward pressure without automatically confirming that prices had reached a bottom, while the Moving Average Convergence Divergence indicator continued to display negative momentum.
Supporting the telecommunications giant’s long-term outlook, Mirae Asset Sekuritas Indonesia maintained a buy rating on TLKM with a target price of Rp3,400 per share, as detailed by InvestorTrust. Analyst Daniel Widjaja pointed to data center expansion and submarine cable networks as primary growth catalysts. The BTM-1 data center is scheduled to commence operations in the fourth quarter of 2026 with an initial capacity of 6 megawatts, entirely pre-booked by Gorilla Technology, while subsequent modular expansions target capacities of up to 100 megawatts for artificial intelligence workloads.
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