Indonesia Leads EM Rally as Carry Appeal, Growth Lure Investors

IMF: Indonesia Remains One of Asia's Leading Growth Engines​


Elvan Widyatama, CNBC Indonesia
09 July 2026 18:40

1783665717104.png

JAKARTA — The International Monetary Fund has released the July 2026 World Economic Outlook (WEO) Update, projecting global economic growth of 3.0% in 2026, down from the 3.5% average recorded during 2024–2025.

According to the IMF, the global slowdown reflects continued geopolitical tensions in the Middle East, elevated energy prices, persistent inflationary pressures, and tight global financial conditions.

Despite the weaker global outlook, several Asian economies are expected to continue outperforming the global average. The five fastest-growing Asian economies in the IMF's latest forecast are:

  1. Vietnam – 7.5%
  2. India – 6.4%
  3. Indonesia – 5.0%
  4. Malaysia – 4.7%
  5. China – 4.6%
Vietnam retained the top position with projected growth of 7.5%, revised upward from 7.1% in the IMF's April 2026 forecast, supported by stronger-than-expected technology exports and resilient domestic demand.

India is projected to expand by 6.4%, driven primarily by robust private consumption and continued strength in the services sector.

Indonesia ranks third with projected economic growth of 5.0% in 2026, unchanged from the IMF's April 2026 forecast and only slightly below the country's 5.1% growth recorded in 2025. The IMF's projection also places Indonesia well above the ASEAN-5 average forecast of 4.1% for 2026.

Malaysia is expected to grow by 4.7%, supported by continued investment in data centers and the global technology cycle.

China rounds out the top five with projected growth of 4.6%. Although this is higher than the IMF's April forecast of 4.4%, it remains below the country's estimated 5.0% growth in 2025 due to higher energy prices, persistent uncertainty, and ongoing structural economic challenges.

The IMF also noted that countries integrated into global technology value chains—including semiconductor manufacturing, electronics exports, artificial intelligence infrastructure, data centers, and other high-technology industries—are better positioned to sustain stronger economic growth despite heightened global uncertainty.


www.cnbcindonesia.com

Ini 5 Macan Asia Versi Terbaru dari IMF, Indonesia Nomor Berapa?

Dana Moneter Internasional (IMF) kembali merilis pembaruan proyeksi ekonomi dunia dalam World Economic Outlook (WEO) Update edisi Juli 2026.
www.cnbcindonesia.com www.cnbcindonesia.com

---------------

ADB’s Indonesia Growth Forecast Stays 5.2%, Beats Some ASEAN Nations​



Jayanty Nada Shofa
July 9, 2026 | 9:42 am





Jakarta. The Asian Development Bank (ADB) has kept its economic growth forecast unchanged for Indonesia, predicting a 5.2% expansion in 2026 and 2027.

Inflation is expected to hit 3.0% this year, compared with ADB’s 2.5% forecast in April. It should drop to 2.5% next year. At home, Bank Indonesia wants to keep inflation between 1.5 and 3.5%. Indonesia aims to grow by at least 5.4% this year.

The July edition of ADB’s flagship report shows that Indonesia is outpacing some ASEAN economies.

Malaysia is projected to expand by 4.6% in 2026 and slow to 4.5% the following year. ADB trimmed its 2026 growth estimate for the Philippines by 0.6 percentage points from its April projections to 3.8%. Its forecast for 2027 also goes down from 5.5% to 5.3%. Thailand’s is the slowest in ASEAN, reaching 1.8% (2026) and 2.0% (2027). But they all do not come close to Vietnam’s 7% range in both years.

Outlook for the developing Southeast Asia category goes down by 0.1 percentage point to 4.6% in 2026. The 2027 projections for the group stays the same at 4.8%.

For developing Asia and the Pacific, ADB issued a 4.9% estimate, below the 5.1% in its April report.

The Manila-based lender wrote that the energy shocks from the Middle East conflict “have weighed more heavily on the region’s prospects than anticipated”. According to ADB, a “durable implementation” of the framework pact between the warring US-Iran unveiled in June could help normalize the world’s energy markets.

“But the pace of adjustment is highly uncertain with significant downside risks,” ADB chief economist Albert Park said

ADB calls on the region to respond to the persistent headwinds by drawing a careful policy balance between supporting growth and containing inflation.

 

Indonesia Shares Gain on IPO Wave, Strong Economic Outlook​

Faisal Maliki Baskoro
July 11, 2026

1783773105563.png
RANS Entertainment Indonesia founder Raffi Ahmad (fourth left), President Director Nagita Slavina (third right), Jhonlin Group founder Andi Syamsuddin Arsyad, known as Haji Isam (fifth left), Alamtri Resources Indonesia President Director Garibaldi Thohir (third left), and company executives pose for a photo during the initial public offering (IPO) listing ceremony of PT RANS Entertainment Indonesia Tbk at the Indonesia Stock Exchange in Jakarta on July 10, 2026. (ANTARA FOTO/Muhammad Heriyanto)


Jakarta. Indonesia's stock market posted broad gains last week as a surge in initial public offerings (IPOs) boosted trading activity and lifted market capitalization, while investor sentiment was supported by upbeat economic forecasts from the International Monetary Fund (IMF) and the Asian Development Bank (ADB).

The Indonesia Stock Exchange's (IDX) market capitalization rose 0.51% to Rp 10,340 trillion ($571 billion) at Friday's close, while the benchmark Jakarta Composite Index (JCI) gained 0.83% over the week to end at 5,924.36.

Trading activity also accelerated, with average daily transaction frequency jumping nearly 30% to 1.87 million trades from 1.44 million a week earlier.

The rally came during one of the busiest weeks for new listings this year, with six companies making their stock market debut. The IPOs included food producer Niramas Utama, eye hospital operator Nitrasanata Dharma, energy and telecommunications infrastructure provider Bach Multi Global, medical equipment distributor Esa Medika Mandiri, diagnostics manufacturer Prodia Diagnostic Line, and entertainment company RANS Entertainment Indonesia.

Together, the six companies raised more than Rp 1.85 trillion through their share offerings, helping sustain investor interest in the equity market.

The rupiah also strengthened 0.35% on Friday to Rp 18,065 per US dollar after the IMF and ADB reaffirmed positive growth expectations for Southeast Asia's largest economy.

The IMF projects Indonesia's economy to grow 5.0% in 2026 and 5.1% in 2027, while the ADB expects growth of 5.2% in both years. Although the forecasts underscore confidence in Indonesia's economic resilience, the IMF's 2026 projection remains below the government's 5.4% growth target.

Despite the market's gains, foreign investors remained net sellers, recording cumulative net sales of Rp 76.15 trillion in Indonesian equities so far this year.

Global sentiment, meanwhile, remained mixed as renewed geopolitical tensions in the Middle East continued to cloud investor confidence, even as Washington and Tehran signaled a willingness to keep diplomatic channels open.

 

S&P Reaffirms Indonesia's BBB Rating, Flags Policy Execution Risks​



Ria Fortuna Wijaya
July 13, 2026 | 5:46 pm




Jakarta. S&P Global Ratings on Monday affirmed Indonesia's 'BBB' long-term and 'A-2' short-term sovereign credit ratings with a stable outlook, saying the country's weakened fiscal and external positions are temporary and should improve as commodity prices recover and the government maintains fiscal discipline.

"The outlook on the long-term rating is stable, reflecting our expectation that the deterioration in fiscal and external metrics is temporary and will reverse with higher commodity prices and a more stable pace of policy changes," S&P said. The agency expects government revenue and export receipts to recover this year, while policies to boost revenue from the resource sector should strengthen the country's fiscal position over time if implemented predictably and effectively.

S&P said Indonesia's sovereign rating continues to be supported by robust economic growth prospects, prudent macroeconomic management, and relatively low government and external debt compared with similarly rated peers.

S&P then forecasts the Indonesia economy to expand 5.1% in 2026 before averaging 4.9% annually between 2026 and 2029, despite higher fuel prices, elevated interest rates, and persistent external uncertainties.

The agency said Indonesia's financial markets came under pressure in the first half of the year, with the rupiah weakening by around 7% against the US dollar and the benchmark stock index losing more than 30% of its market capitalization despite resilient economic growth. It attributed the divergence to heightened external risks, including the Middle East conflict and the closure of the Strait of Hormuz, as well as domestic policy uncertainty.

"The pace of policy changes and uncertainties over implementation could affect investor confidence and weigh on currency and financial markets," S&P said.

S&P also added that government policies to tighten oversight of the mineral and resource sector could eventually lift state revenue and export earnings. It noted that Danantara Sumberdaya Indonesia (DSI) is expected to reshape the commodity export sector by helping curb practices such as under-invoicing and transfer pricing, while warning that policy execution remains a key risk.

Despite higher spending on energy subsidies, S&P expects Indonesia to keep its fiscal deficit below the legal ceiling of 3% of GDP through expenditure cuts and stronger revenue collection as commodity prices recover. Revenue rose 21% in the first six months of the year from a year earlier, supported by improving tax and non-tax receipts, according to the report.

"On balance, we expect the fiscal deficit to remain just under 3% of GDP this year. A record of fiscal discipline over multiple administrations underpins Indonesia's credit profile," S&P said.

 
Capital Market Investors Now Reach 30 Million
​


Selasa, 14 Jul 2026





JAKARTA – The number of investors in Indonesia's capital market has reached 30 million, according to Financial Services Authority (OJK) Board of Commissioners Chair Friderica Widyasari Dewi, who said the expansion of the retail investor base is helping strengthen the resilience of the country's financial markets.

The figure represents a significant increase from around 20 million investors in 2025, meaning Indonesia's capital market added approximately 10 million investors in just six months.

"Indonesia's capital market now has 30 million investors. Last year, the figure was still around 20 million, and now we have added another 10 million. This is extraordinary. The retail investor base itself has become a buffer for our market," Friderica said after meeting Coordinating Minister for Economic Affairs Airlangga Hartarto on Tuesday (July 14, 2026).

1784094134663.png
Friderica Widyasari

According to Friderica, the growing number of retail investors has made Indonesia's capital market more resilient to global volatility. She contrasted the current situation with conditions around two decades ago, when the domestic market was more vulnerable to external sentiment even when global developments had little connection to Indonesia's economic fundamentals.

"This is a very positive development. Around 20 years ago, our retail investor base was not as strong as it is today. When global issues emerged, even those unrelated to our economic fundamentals, they could have a significant impact on our market," she said.

OJK is also continuing capital market reforms, including measures responding to recommendations and concerns raised by MSCI. The reforms include improving transparency in share ownership, strengthening free-float requirements, and enhancing market supervision and enforcement.

"We have implemented free-float policies, although the transition will need to take place gradually over the next one, two, or three years. We will continue working to make Indonesia's capital market more transparent, liquid, and credible. Enforcement will also remain one of our key priorities," Friderica said.

She added that the strength of Indonesia's capital market is also reflected in fundraising through public offerings. Funds raised through initial public offerings (IPOs) and debt securities and sukuk offerings (EBUS) have reached Rp112 trillion.

"As I mentioned, the capital market continues to perform very well. Funds raised through IPOs and debt securities and sukuk offerings have now reached Rp112 trillion. This is also positive news," Friderica concluded.

finance.detik.com

Investor Pasar Modal Kini Tembus 30 Juta

Ketua Dewan Komisioner Otoritas Jasa Keuangan (OJK) Friderica Widyasari Dewi mengungkapkan jumlah investor pasar modal Indonesia telah menembus 30 juta orang.
finance.detik.com finance.detik.com
 

Indonesia Secures $56.1 billion Investment in First Half 2026​


Arnoldus Kristianus
July 16, 2026 | 3:14 pm

1784212048995.png
This undated photograph shows a ship docking at the Sei Mangkei special economic zone, which focuses on palm oil processing, in Simalungun regency, North Sumatra. (Photo courtesy of Indonesia SEZ)


Jakarta. Indonesia attracted Rp 1,010.6 trillion ($56.1 billion) in investment during the first half of 2026, putting the country nearly halfway toward its full-year target despite persistent global geopolitical and economic uncertainty.

"We have recorded Rp 1,010.6 trillion in investment realization in the first half of 2026, up 7.2% year-on-year. This is in line with our target, reaching 49.5% of the full-year goal of Rp 2,041.3 trillion," Investment Minister Rosan Roeslani told a press conference at the Presidential Palace on Thursday.

Domestic investment (PMDN) accounted for Rp 502.9 trillion, or 49.8% of the total, while foreign direct investment reached Rp 507.6 trillion, contributing 50.2%.

Investment was evenly split geographically, with Java attracting Rp 502.8 trillion and regions outside Java receiving Rp 507.8 trillion. Investment in Java rose 7.7% year-on-year, while investment outside the island increased 6.7%.

"The most important achievement is job creation. Investment absorbed 1,448,462 workers, up 15% from a year earlier," he said.

Jakarta remained the country's largest investment destination with Rp 173.6 trillion, followed by West Java (Rp 138.1 trillion), East Java (Rp 72.7 trillion), Central Sulawesi (Rp 68.7 trillion), and Banten (Rp 66.3 trillion).

The largest investment flowed into the basic metals and fabricated metal products industry, which attracted Rp 150.4 trillion, followed by other services (Rp 114 trillion), mining (Rp 105 trillion), transportation, warehousing, and telecommunications (Rp 102.7 trillion), and housing, industrial estates, and office developments (Rp 85.8 trillion).

Among foreign investors, Singapore remained Indonesia's biggest source of investment with $8.8 billion, followed by Hong Kong ($7.6 billion), China ($3.9 billion), Japan ($1.9 billion), and the United States ($1.7 billion).

"Singapore has remained Indonesia's largest investor over the past decade," Rosan said.

 

JCI Posts Strongest Weekly Gain in Months on Debt Confidence​


Faisal Maliki Baskoro
July 18, 2026 | 11:25 am




Jakarta. Indonesian stocks posted their strongest weekly gain in months, with the benchmark Jakarta Composite Index (JCI) climbing 4.24% in the week ended July 17 as investors welcomed Bank Indonesia's assessment that the country's external debt remains healthy despite mounting geopolitical tensions in the Middle East.

The JCI closed at 6,175.535, up from 5,924.360 a week earlier, while the Indonesia Stock Exchange's (IDX) market capitalization rose 3.95% to Rp 10,749 trillion ($599 billion) from Rp 10,340 trillion.

Trading activity also strengthened significantly during the week. Average daily transaction value surged 36.25% to Rp 13.99 trillion from Rp 10.27 trillion the previous week. Average daily trading volume increased 27.75% to 26.17 billion shares, while the average number of daily transactions jumped 24.6% to 2.33 million, reflecting stronger investor participation.

Investor sentiment was supported by Bank Indonesia's latest assessment that the country's external debt remains manageable. The central bank said Indonesia's debt-to-GDP ratio stood at 30.6%, with 84.6% of external borrowings consisting of long-term debt, helping contain refinancing risks. Bank Indonesia also pledged to continue coordinating with the government to ensure external borrowing remains productive and sustainable amid global economic uncertainty.

Brokerage Pilarmas Investindo Sekuritas said the data suggested the government continues to rely on external financing to support the state budget and development while maintaining prudent debt growth.

"Indonesia's external debt continues to grow at a measured pace, while its structure remains healthy as it is dominated by long-term borrowings and the debt-to-GDP ratio remains relatively low, keeping refinancing risks manageable," the brokerage said in a research note.

Pilarmas cautioned that a weaker rupiah and persistently high global interest rates could raise debt servicing costs going forward. However, it said the current pace of external debt growth is unlikely to threaten Indonesia's economic stability as long as the funds are directed toward productive sectors and fiscal discipline is maintained.

Foreign investors returned as net buyers on Friday, purchasing a net Rp 638.05 billion worth of Indonesian equities. Despite the daily inflow, overseas investors have remained net sellers this year, recording cumulative net sales of Rp 75.71 trillion since the start of 2026.

jakartaglobe.id

JCI Posts Strongest Weekly Gain in Months on Debt Confidence

Indonesia's benchmark index climbed 4.24% this week as healthy external debt data lifted sentiment despite global uncertainties.
jakartaglobe.id jakartaglobe.id
 

Indonesia Has IDR 1,693 Trillion in Institutional Funds in Case of Foreign Selling​



​

JAKARTA, CNBC Indonesia – Renewed foreign selling has once again tested the resilience of Indonesia's stock market. However, the country has a substantial base of domestic institutional investors with combined investment funds, cash, and assets under management (AUM) totaling approximately IDR 1,693 trillion (around US$104 billion).

These institutional resources are held by BPJS Ketenagakerjaan, the Hajj Financial Management Agency (BPKH), Taspen, Asabri, Danantara Investment Management (DIM), the Indonesia Investment Authority (INA), and four state-owned asset management companies.

1784371310962.png

Chairman of the House of Representatives' Commission XI, Mukhamad Misbakhun, previously said that the sizeable funds managed by domestic institutions could be optimized to help replace foreign capital leaving Indonesia's financial markets.

BPJS Ketenagakerjaan manages close to IDR 1,000 trillion in assets, while BPKH oversees nearly IDR 200 trillion.

"Indonesia has significant domestic financial strength that reflects the resilience of our economic fundamentals. We have BPJS Ketenagakerjaan, BPKH, and other pension funds. When foreign investors exit, coordinated action during periods of profit-taking could potentially replace foreign capital," Misbakhun said during the CNBC Indonesia Investment Forum on July 15, 2026.
Click to expand...
His remarks are supported by BPJS Ketenagakerjaan's latest audited 2025 financial statements. According to the report, BPJS Ketenagakerjaan and its Social Security Funds held IDR 897.85 trillion in investment assets out of total assets of IDR 921.30 trillion.

The investment portfolio consists of IDR 884.06 trillion managed under the Social Security Funds and IDR 13.79 trillion managed directly by BPJS Ketenagakerjaan.

Meanwhile, the four state-owned asset management companies collectively manage IDR 132.72 trillion in assets under management, comprising:

  • BRI Manajemen Investasi: IDR 50.91 trillion
  • Mandiri Manajemen Investasi: IDR 45.08 trillion
  • BNI Asset Management: IDR 28.87 trillion
  • PNM Investment Management: IDR 7.86 trillion
A potential consolidation of these four firms could increase operational scale, transaction capacity, and investment efficiency. However, these assets represent client funds held through mutual funds and discretionary investment mandates, meaning their investment decisions must continue to comply with fund prospectuses, investment mandates, and fiduciary responsibilities.

Danantara Plans to Allocate 50% of Its Portfolio to Public Markets​

In addition to social security and pension funds, Danantara Investment Management (DIM) held approximately IDR 123.03 trillion in cash and cash equivalents as of April 2026, providing substantial capacity to finance future investments.

1784371356836.png

Danantara Chief Investment Officer Pandu Patria Sjahrir previously stated that approximately 50% of the institution's investment portfolio will be allocated to public market investments as part of its strategic asset allocation. The allocation will cover both government and corporate bonds as well as listed equities.

Danantara has also expressed its readiness to act as a liquidity provider in Indonesia's capital market, with funding expected to come partly from accumulated dividends generated by state-owned enterprises.

However, the institution has not disclosed how the planned allocation will be divided between bonds and equities, nor how much capital, if any, will be specifically dedicated to supporting stock market liquidity.

Strengthening Domestic Institutional Investors​

The role of domestic institutional investors drew significant attention on June 9, 2026, when Deputy Speaker of the House of Representatives Sufmi Dasco Ahmad convened a meeting involving Danantara, BPJS Ketenagakerjaan, Taspen, INA, and executives from Indonesia's state-owned banking group (Himbara) to discuss market conditions and the potential repurchase of fundamentally strong Indonesian equities.

On the same day, the Jakarta Composite Index (JCI) surged 7.57% to 5,746.65, highlighting the strong positive market sentiment generated by coordinated domestic institutional support. However, no official figures have been released regarding the actual amount of funds deployed during the rally.

The government has also announced plans to gradually increase pension and insurance fund allocations to Indonesia's capital market from an average of around 8% to 20%, with the initial focus expected to be on large-cap, highly liquid companies included in the LQ45 Index.

Nevertheless, the policy does not require institutions to automatically invest 20% of their assets in equities. The Financial Services Authority (OJK) noted that existing regulations already provide substantial investment flexibility. Under OJK Regulation No. 26 of 2025, insurance companies may invest up to 10% of their assets in a single listed company and up to 40% of their total portfolio in equities.

The combined IDR 1,693.28 trillion does not represent immediately deployable cash. Institutions such as BPJS Ketenagakerjaan, BPKH, Taspen, and Asabri must maintain sufficient liquidity to meet their obligations, while INA's assets include capital from investment partners and the state-owned asset managers oversee client funds.

Even so, gradual increases in domestic institutional investment allocations could help strengthen local demand during periods of foreign capital outflows. Indonesia possesses a substantial institutional investor base that can support market stability, provided investments remain transparent, commercially driven, and focused on fundamentally strong companies.

www.cnbcindonesia.com

RI Punya 'Peluru' Ribuan Triliun, Siap Lawan Dana Asing yang Kabur

Tekanan jual investor asing menguji pasar saham Indonesia, namun institusi domestik memiliki dana investasi Rp1.693 triliun untuk menopang pasar.
www.cnbcindonesia.com www.cnbcindonesia.com
 

Indonesia Secures AAA China Rating Ahead of Debut $1 Billion Panda Bond Sale​


Addin Anugrah Siwi
July 21, 2026 | 6:40 pm

1784639746467.png
FILE - Finance Minister Purbaya Yudhi Sadewa, center, speaks during a meeting at the Asian Infrastructure Investment Bank headquarters in Beijing, Wednesday, June 18, 2026. (Courtesy of Finance Ministry)



Jakarta. Indonesia has received a top-tier AAA credit rating with a stable outlook from Lianhe Credit Rating ahead of its inaugural Panda Bond issuance in China's domestic bond market, Finance Minister Purbaya Yudhi Sadewa said on Tuesday.

The AAA rating, the highest available on China's domestic credit rating scale, is expected to strengthen investor confidence as Indonesia prepares to launch the offering on July 23.

The government plans to raise $1 billion through the debut issuance, although the initial offering has been deliberately capped despite expectations of strong demand.

"Because this is a new market for us, we want to test it first, even if demand turns out to be very strong. We'll limit the first issuance to $1 billion, and if necessary, we can return to the market several months later with a larger offering," Purbaya told a press conference.

Before the planned issuance, Indonesia's Panda Bond underwent a credit assessment by Lianhe Credit Rating, one of China's leading domestic credit rating agencies.

"Lianhe Credit Rating is a highly respected credit rating agency in China. An AAA rating with a stable outlook is the highest rating available," Purbaya said.

He added that the top rating would make it easier for Indonesia to market the bonds to Chinese investors, highlighting the country's vast debt market as a promising new source of financing.

"China has a massive bond market. Its capital market offers enormous financing capacity, and with an AAA rating, we should not face significant difficulties in issuing debt there," he said.

For the inaugural issuance, Bank of China has been appointed as the lead underwriter. Industrial and Commercial Bank of China (ICBC), China International Trust and Investment Corporation (CITIC), China International Capital Corporation (CICC), and DBS will serve as joint lead underwriters and joint bookrunners.

Several other major Chinese banks will participate as co-managers. According to Purbaya, the involvement of multiple leading financial institutions reflects strong market interest and confidence in Indonesian government debt securities.

The Panda Bond marks Indonesia's first issuance of renminbi-denominated sovereign bonds in China's onshore market.


 

Indonesia's Stock Index Extends Winning Streak to Nine Consecutive Sessions​



Redaksi, CNBC Indonesia
21 July 2026 16:30


1784640270969.png


JAKARTA – Indonesia's benchmark Jakarta Composite Index (JCI) rose 1.74% to close at 6,340.02 on Tuesday (July 21, 2026), extending its rally to nine consecutive trading sessions.

A total of 421 stocks advanced, 205 were unchanged, and 169 declined.

Trading volume reached 51.06 billion shares, with a total transaction value of IDR 21.50 trillion (approximately US$1.19 billion) and 2.94 million trades executed.

The market's gains coincided with the approval by Indonesia's House of Representatives (DPR) of the Indonesian International Financial Center (PFII) Bill, a key legislative initiative aimed at strengthening the country's financial sector.

The JCI also continued its broader upward trend, having advanced in 14 of the past 15 trading sessions. Since the beginning of July 2026, the benchmark index has recorded only one daily decline, on July 8.

Since that session, the JCI has gained 7.93%, while its month-to-date performance stands at 12.35%.

According to Refinitiv data, the day's strongest-performing sectors were:

  • Utilities: +4.68%
  • Property: +3.97%
  • Basic Materials: +3.53%
  • Energy: +2.95%
The healthcare sector was the only sector to close lower.

The biggest contributors to the index's advance were:

  • PT Amman Mineral Internasional Tbk (AMMN): 11.82 index points
  • PT Bank Rakyat Indonesia (Persero) Tbk (BBRI): 7.31 index points
  • PT Dian Swastatika Sentosa Tbk (DSSA): 10.74 index points
Investors are also monitoring several domestic and international developments.

Domestically, market attention is focused on the start of Bank Indonesia's Board of Governors Meeting, where policymakers will determine the central bank's benchmark interest rate. Investors are also assessing the implications of the newly approved PFII Bill.

Meanwhile, Indonesia's Financial Services Authority (OJK) said the country's banking sector remains resilient, with bank lending growing 11.5% year-on-year.

Overseas, investors continue to monitor rising tensions in the Middle East after the Houthi group announced a maritime blockade targeting Saudi Arabia, raising concerns over global energy supplies and supporting higher oil prices.

At the same time, the People's Bank of China (PBOC) kept its Loan Prime Rate (LPR) unchanged, while the U.S. dollar index and U.S. Treasury yields strengthened, developments that could weigh on capital flows into emerging markets, including Indonesia.

www.cnbcindonesia.com

IHSG Gaspol, 9 Hari Perdagangan Beruntun Parkir di Zona Hijau

IHSG melonjak 1,74% ke 6.340,02 pada 21 Juli 2026, didorong oleh pengesahan RUU PFII. Sektor utilitas dan properti mencatatkan kenaikan signifikan.
www.cnbcindonesia.com www.cnbcindonesia.com
 

Indonesia Raises $1 Billion in Debut Panda Bond Sale​



Arnoldus Kristianus
July 24, 2026 | 12:44 pm

Jakarta. Indonesia has raised 7 billion yuan ($1.03 billion) through its inaugural Panda Bond issuance in China's domestic bond market, as the government seeks to diversify its funding sources and broaden its foreign investor base.

The offering, completed on Thursday, comprised 5.6 billion yuan of three-year notes priced at a 1.9% yield and 1.4 billion yuan of five-year notes carrying a 2.19% yield.

Director General of Budget Financing and Risk Management Suminto said the issuance supports Indonesia's strategy to diversify financing instruments while strengthening access to China's capital market.

The offering attracted 17 billion yuan in orders, or 2.4 times the amount issued, reflecting strong investor demand.

Orders for the three-year tranche reached 12.38 billion yuan, resulting in a 2.2-times bid-to-cover ratio, while the five-year tranche received 4.62 billion yuan in subscriptions, equivalent to a 3.3-times bid-to-cover ratio.

Suminto said the robust demand and competitive yields underscored investor confidence in Indonesia's economic fundamentals and fiscal management. He added that the issuance also benefited from an AAA rating with a stable outlook assigned by China Lianhe Credit Rating Co., Ltd.

 

S&P: Indonesian Manufacturing Business Optimism Reaches Six-Month High​


03 Agustus 2026

1785826859657.png

JAKARTA – Optimism among Indonesian manufacturers continued to strengthen in July 2026, with business confidence reaching its highest level in six months, according to the S&P Global Indonesia Manufacturing PMI survey. The improvement was supported by recovering production activity and stronger market demand.

Usamah Bhatti, Economist at S&P Global Market Intelligence, said the improvement in business conditions had boosted confidence in the outlook for the next 12 months.

"Business confidence reached its highest level in six months, supported by expectations that sales growth and customer confidence will continue to strengthen," Bhatti said in the S&P Global Indonesia Manufacturing PMI report released on Monday (August 3, 2026).
Click to expand...
According to the report, the stronger optimism was driven by the recovery in manufacturing output and the stabilization of new orders after weakness in the previous month. Many manufacturers believe market demand is beginning to improve, creating opportunities for business growth during the remainder of the year.

In addition, manufacturers expect input cost pressures to continue easing. They believe this would provide greater room to increase production while supporting stronger sales growth.

www.liputan6.com

S&P: Optimisme Pengusaha Manufaktur Indonesia Tertinggi dalam 6 Bulan

Optimisme pelaku industri manufaktur Indonesia mencapai level tertinggi dalam enam bulan seiring membaiknya prospek penjualan dan permintaan.
www.liputan6.com www.liputan6.com
 

Indonesia's Q2 GDP Expands 5.29% on Strong Consumption​


Ria Fortuna Wijaya
August 5, 2026 | 11:27 am



Jakarta. Indonesia's gross domestic product (GDP) grew 5.29% year-on-year in the second quarter of 2026, accelerating from a year earlier as household consumption and investment remained the main drivers of growth, Indonesia’s Central Statistics Agency (BPS) reported on Wednesday.

The economy was valued at Rp 6,552.1 trillion ($365.67 billion) at current prices and Rp 3,576.2 trillion at constant prices during the April-June period.

"Indonesia's economy grew 5.29% year-on-year in the second quarter of 2026, 3.73% quarter-on-quarter, and 5.45% in the first half compared with the same period last year," Moh Edy Mahmud, Deputy for National Accounts and Statistical Analysis at BPS, said during a press briefing.

Household consumption remained the largest contributor to economic growth, accounting for 2.67 percentage points of the overall expansion, followed by gross fixed capital formation, or investment, at 2.06 percentage points and government consumption at 1.07 percentage points. Net exports, meanwhile, reduced growth by 0.78 percentage point as imports outpaced exports.

All expenditure components recorded positive annual growth. Household consumption, which accounted for 53.32% of GDP, rose 5.06% year-on-year, while investment grew 6.87%. Exports increased 4.13%, government consumption surged 15.97%, and spending by non-profit institutions serving households expanded 6.93%.

"All expenditure components recorded positive growth in the second quarter of 2026. Household consumption remained the largest source of economic growth, contributing 2.67 percentage points," Edy said.

From the production side, nearly all business sectors expanded from a year earlier except mining. Manufacturing remained the largest source of growth, contributing 0.90 percentage point, followed by trade (0.83 percentage point), construction (0.62 percentage point), and information and communication (0.48 percentage point).

Manufacturing, agriculture, trade, construction, and mining together accounted for 63.73% of Indonesia's GDP.

The fastest-growing sectors were electricity and gas supply, which expanded 10.81%, followed by accommodation and food services at 10.60%, supported by higher hotel occupancy and stronger food service activity alongside the wider rollout of the government's Free Nutritious Meals (MBG) program. Information and communication grew 6.97% on broader use of telecommunications services across sectors including healthcare, education, and trade.

Mining was the only sector to contract, shrinking 1.64% year-on-year.

"Nearly all business sectors posted positive growth except mining. Mining contracted 1.64% due to lower production of several mineral commodities, including bauxite, tin, and nickel ores, as well as underground mining operations at the Grasberg Block Cave in Central Papua that have yet to fully recover," Edy said.

BPS said domestic demand remained resilient throughout the quarter. Spending at restaurants and hotels rose 11.97% year-on-year, consumer goods imports climbed 27.15%, motorcycle sales increased 6.62%, and passenger car sales jumped 25.50%. Electronic payment transactions using e-money, debit cards, and credit cards also continued to grow, while e-commerce transactions expanded 35.13%.

Manufacturing activity remained in expansion territory during the quarter. The Manufacturing Business Condition Index (IKBM) stood at 52.31, Bank Indonesia's Prompt Manufacturing Index reached 51.43, and the Industrial Confidence Index averaged 52.74.

Investment indicators also strengthened. Combined domestic and foreign direct investment realization increased 7.14% year-on-year, while investment in downstream-processing industries reached Rp 152.7 trillion, up 5.72% from a year earlier.

Edy said Indonesia's major trading partners generally continued to expand despite slower growth in some economies.

"Vietnam and Malaysia strengthened compared with both the previous quarter and a year earlier, while Singapore and South Korea grew faster than a year ago but slowed from the first quarter. The United States and China both recorded slower growth, but Indonesia's major trading partners generally remained in positive territory," he said.

 

Weekly Market Wrap: Indonesia Stocks Rally 2.8% on Strong Growth, Forex Reserves​


Faisal Maliki Baskoro
August 8, 2026 | 10:54 am



Makassar City, South Sulawesi Island


Jakarta. Indonesia’s benchmark stock index rose 2.78% in the week through Aug. 7, extending gains as investors weighed solid domestic economic growth and ample foreign-exchange reserves against renewed geopolitical and inflation risks.

The Jakarta Composite Index (JCI) ended Friday at 6,409.654, up from 6,236.126 a week earlier, according to data from the Indonesia Stock Exchange (IDX).

The exchange’s total market capitalization climbed 2.64% to Rp 11,212 trillion ($629.85 billion) from Rp 10,923 trillion in the previous week.

Trading activity also increased, with average daily transaction frequency jumping 27.62% to 2.32 million transactions from 1.82 million. Average daily trading value, however, edged down 0.38% to Rp 15.38 trillion.

Foreign investors posted net purchases of Rp 1.24 trillion on Friday. They remain net sellers for the year, with cumulative outflows reaching Rp 71.29 trillion through Aug. 7.

Pilarmas Investindo Sekuritas said Indonesian equities were supported by solid economic fundamentals despite growing global uncertainty.

One source of confidence was Bank Indonesia’s foreign-exchange reserves, which stood at $145.3 billion at the end of July, little changed from $145.6 billion a month earlier. The reserves were equivalent to 5.5 months of imports, or 5.3 months of imports and government external-debt repayments, well above the international adequacy benchmark of about three months.

Indonesia’s economy expanded 5.29% in the second quarter from a year earlier, accelerating from the same period last year as household consumption and investment remained the main engines of growth, the Central Statistics Agency, or BPS, reported Wednesday.

Household consumption contributed 2.67 percentage points to overall growth, while investment added 2.06 percentage points and government consumption contributed 1.07 percentage points. Net exports detracted 0.78 percentage point as imports grew faster than exports.

Still, global risks remain in focus. Investors are monitoring developments in the Middle East after reports of restrictions on US and Israeli vessels transiting the Strait of Hormuz sent oil prices higher and revived concerns about inflation.

Pilarmas also said markets were watching signals from the US Federal Reserve, with Chairman Kevin Warsh indicating that policymakers could raise interest rates in September if inflation pressures persist in the coming weeks.

Domestically, investors are also awaiting the government’s announcement of a permanent governor for Bank Indonesia, adding another potential catalyst for the rupiah and local financial markets.

 

JCI Jumps 1.14% as Destry Confirmed as BI Governor​



Ria Fortuna Wijaya
September 1, 2026 | 4:24 pm




Jakarta. Indonesian stocks climbed 1.14% on Tuesday, with the Jakarta Composite Index (JCI) gaining 74 points to close at 6,599 after lawmakers confirmed Destry Damayanti as Bank Indonesia governor for the 2026–2031 term.

The House of Representatives approved Destry's appointment during a plenary session on Tuesday, giving markets greater certainty over the central bank's leadership and the direction of monetary policy.

The JCI traded between 6,535 and 6,608. Trading volume reached 59.7 billion shares, with turnover totaling Rp 20.7 trillion ($1.16 billion) across more than 2.6 million transactions. A total of 407 stocks gained, while 215 declined and 169 were unchanged.

Pilarmas Investindo Sekuritas said Destry's appointment provided certainty over the central bank's leadership and future monetary policy direction, offering a positive sentiment for the domestic market amid global economic uncertainty.

“Bank Indonesia's consistent policies to maintain monetary and economic stability have also remained in the market's focus. Meanwhile, several domestic economic indicators suggest that conditions remain relatively well maintained,” Pilarmas wrote in its Tuesday research note.

1788270327864.png
Destry Damayanti

Indonesia’s Statistics Agency (BPS) reported that inflation stood at 0.21% month-on-month and 3.19% year-on-year in August 2026, keeping it within Bank Indonesia's inflation target range of 2.5% plus or minus 1%.

Indonesia's external position also received support from trade data. The country recorded a $120 million trade surplus in July 2026 after posting a deficit in June, helping support external economic stability.

However, domestic indicators also pointed to some challenges. Indonesia's Manufacturing Purchasing Managers' Index (PMI) fell to 49.8 in August from 50.2 in July, slipping back into contraction territory and signaling a slowdown in manufacturing activity.

Despite the positive domestic sentiment, Pilarmas said investors remained wary of escalating geopolitical risks.

Tensions between the United States and Iran have intensified again, raising concerns over oil supplies and higher energy prices. The situation could add to global inflationary pressures and fuel expectations of tighter monetary policy.

US forces attacked an island in the Strait of Hormuz, while Iran retaliated with attacks on the United Arab Emirates and Jordan.

“The developments mark a renewed escalation in fighting between the United States and Iran after about a month,” Pilarmas said.

Market concerns were also reinforced by comments from Federal Reserve Chair Kevin Warsh, who said there was still considerable work to be done before clearer evidence emerged that inflation was returning toward the 2% target.

Markets are now pricing in more than a 65% chance of a Fed rate hike in September, up from around 36% before Warsh's remarks.

“Rising interest-rate expectations could put pressure on risk assets, including equities, as investors once again assess the outlook for global liquidity and funding costs,” Pilarmas said.

Phintraco Sekuritas, meanwhile, said the JCI managed to remain in positive territory during the first trading session, indicating that domestic sentiment continued to provide support even as markets faced pressure from external developments.

Elsewhere in Asia, Hong Kong's Hang Seng fell 0.9%, while the Shanghai Composite was little changed at 3,985. Tokyo's Nikkei edged up 0.2% to 66,420, while South Korea's Kospi gained more than 0.2% to 6,835.

 
You must log in or register to reply here.

Users who are viewing this thread

Total: 4 (members: 0, guests: 4)

Pakistan Defence Latest

Country Watch Latest

Latest Posts

Share this page

Back
Top