Foreign Investors Sell IDR 1.2 Trillion in Stocks, JCI Under Pressure and Weakens Again

The Indonesian stock market faced renewed pressure from foreign investors' net selling, which amounted to approximately IDR 1.2 trillion during Wednesday’s trading session on July 2, 2025. This selling pressure was one of the main drivers behind the decline of the Jakarta Composite Index (JCI), which moved into negative territory once again.

JCI Corrects Amidst Foreign Fund Outflows

Throughout the trading session, the JCI touched an intraday high of 6,905.36 and a low of 6,838.40, before closing down 0.49% at 6,881.24. This decline extended the JCI's downward trend for the second consecutive day. According to market data, the total trading volume reached 24.6 billion shares, with a transaction value of around IDR 11 trillion.

Blue-Chip Stocks Targeted by Foreign Selling

Based on data from the Indonesia Stock Exchange (IDX) and Stockbit, several large-cap stocks became the primary targets of foreign investors' sell-off, including:

• BBCA: IDR 167.7 billion

• BBRI: IDR 97.5 billion

• BRMS: IDR 82.1 billion

• BRPT: IDR 61.5 billion

and several other stocks, bringing the total foreign net sell to approximately IDR 1.23 trillion.

Selective Buying in Certain Stocks

Despite the strong selling pressure, foreign investors still accumulated some stocks. BMRI recorded a net foreign buy of IDR 131.3 billion, while TLKM also experienced a net purchase of IDR 132.7 billion.

Recap: Foreign Pressure in Late June

This week’s foreign selling continues the trend that began in June. By the end of last month, foreign investors recorded a net sell of IDR 1.25 trillion, pushing the JCI below the key psychological level of 7,000.

Technical Sentiment and IPO Activity Remain a Drag

According to Ratna Lim, an analyst at Phintraco Sekuritas, the aggressive foreign selling, combined with the surge in initial public offerings (IPOs) lately, has diverted some investor funds to other instruments, causing the JCI to retreat further to the 6,800–6,850 range. Technically, indicators such as the Stochastic RSI and MACD are also showing continued weakening signals, adding further pressure on the index's movement.

Market Outlook: Risk of Further Correction

Overall, the foreign net sell of IDR 1.2 to 1.23 trillion reinforces the selling pressure weighing on the JCI. Leading stocks like BBCA and BBRI contributed to the market's deeper correction.

On the other hand, foreign purchases in BMRI and TLKM suggest a portfolio rotation into certain sectors.

The combination of heavy micro-level selling pressure and negative macro sentiment, such as the ongoing wave of IPOs and weakening technical signals, points to the likelihood of further consolidation for the JCI. The risk of continued weakness will increase if the index fails to hold the support range of 6,800–6,850.