The Jakarta Composite Index (JCI), commonly referred to as IHSG, closed in negative territory at the end of last week’s trading, bringing an end to a robust four-day rally that had commenced at the beginning of May 2026. According to data from the Indonesia Stock Exchange (IDX), the key index notably plunged below the critical psychological level of 7,000.
On Friday, May 8, 2026, the IHSG experienced a significant decline, shedding 2.86% or 204.92 points, to conclude the trading session at 6,969.39. Despite this sharp single-day correction, the IHSG still managed to eke out a modest weekly gain of 0.18%.
BBRI & BBNI Heavily Bought: Check Out Largest Foreign Net Buys as JCI Rose, Tuesday (5/5)
The JCI’s downward pressure on Friday was primarily driven by widespread weakness across the majority of sectoral indices. Out of the 11 sectors listed on the IDX, a substantial 10 sectors recorded declines. The raw materials sector suffered the steepest fall, plummeting by 7.80%, followed by transportation (5.72%), energy (4.59%), industry (4.55%), non-primary consumer goods (3.39%), and property and real estate (2.66%).
Further contributing to the market’s contraction, the primary consumer goods sector also dropped by 2.11%, technology by 1.91%, finance by 1.48%, and infrastructure by 0.32%. The sole exception to the broad market decline was the health sector, which managed to post a gain of 0.70%, providing a glimmer of positive performance.
Total stock trading volume on the IDX reached an impressive 55.96 billion shares on Friday, with transaction values amounting to Rp 35.88 trillion. The market breadth reflected pervasive selling pressure, as 575 stocks weakened, acting as significant weights on the JCI. In contrast, 133 stocks managed to strengthen, while a number of stocks remained stagnant throughout the day.
Foreign Net Sell of Rp 518 Billion as JCI Strengthened: Check Out Largest Foreign Net Sell Stocks
Foreign investors recorded a substantial net buy of Rp 11.42 trillion at the close of the week. However, despite this large daily inflow, foreign investors still registered a net sell position of Rp 641.75 billion across all markets for the entire week.
Here are the top 10 stocks that saw the largest foreign net buy over the past week:
1. PT Indah Kiat Pulp & Paper Tbk (INKP) Rp 396.82 billion
2. PT Timah Tbk (TINS) Rp 216.48 billion
3. PT Bank Negara Indonesia Tbk (BBNI) Rp 181.79 billion
4. PT Indofood Sukses Makmur Tbk (INDF)
5. PT Indosat Tbk (ISAT) Rp 95.12 billion
6. PT Alamtri Resources Indonesia Tbk (ADRO) Rp 82.96 billion
7. PT United Tractors Tbk (UNTR) Rp 74.03 billion
8. PT Sumber Alfaria Trijaya Tbk (AMRT) Rp 61.94 billion
9. PT Telkom Indonesia Tbk (TLKM) Rp 49.01 billion
10. PT Barito Pacific Tbk (BRPT) Rp 40.56 billion
INKP Chart by TradingView
Summary
The Jakarta Composite Index (JCI) concluded the second week of May 2026 at 6,969.39, dropping 2.86% on Friday and falling below the 7,000 mark. While the index experienced a broad market decline across 10 of its 11 sectors—led by significant losses in raw materials and transportation—it still achieved a modest weekly gain of 0.18%. Trading volume reached 55.96 billion shares with a transaction value of Rp 35.88 trillion.
Despite a weekly foreign net sell of Rp 641.75 billion across all markets, foreign investors directed substantial capital into specific companies. PT Indah Kiat Pulp & Paper Tbk (INKP) led the list of top foreign net buys with Rp 396.82 billion, followed by PT Timah Tbk (TINS) and PT Bank Negara Indonesia Tbk (BBNI). Other heavily bought stocks included INDF, ISAT, ADRO, UNTR, AMRT, TLKM, and BRPT.