Executive Summary

Key insights and market outlook

Foreign investors pulled out Rp125.1 trillion from Indonesia's financial markets in 2025, with significant net sales in both stock market (Rp17 trillion) and Bank Indonesia Rupiah Securities (SRBI) worth Rp110.11 trillion ¹

. This contrasts sharply with 2024 when foreign capital inflow reached Rp212.32 trillion. The outflow was partially offset by Rp2.01 trillion net purchase in government bonds. The trend reversal indicates shifting investor sentiment towards emerging markets amid global economic uncertainties.

Full Analysis

02

Deep Dive Analysis

Foreign Capital Flight from Indonesia Markets in 2025

Significant Outflow Highlights Market Sentiment Shift

Bank Indonesia reported a substantial foreign capital outflow of Rp125.1 trillion from Indonesia's financial markets throughout 2025 ¹

. The outflow was primarily driven by significant net sales in both the stock market and Bank Indonesia's Rupiah Securities (SRBI). According to Ramdan Denny Prakoso, Executive Director of BI's Communication Department, foreign investors recorded net sales of Rp17 trillion in the stock market and Rp110.11 trillion in SRBI. The only positive note was a Rp2.01 trillion net purchase in government bonds, which partially mitigated the overall outflow.

Comparative Analysis with 2024

The 2025 outflow stands in stark contrast to the previous year when Indonesia witnessed a substantial foreign capital inflow of Rp212.32 trillion ¹

. In 2024, foreign investors recorded net purchases of Rp15.74 trillion in stocks, Rp34.59 trillion in government bonds, and a significant Rp161.99 trillion in SRBI. This dramatic reversal highlights the changing investor sentiment towards Indonesia's financial markets.

Weekly Trends and Market Indicators

In the last week of 2025 (December 29-31), foreign investors still maintained a net buy position of Rp2.43 trillion ¹

. The breakdown showed Rp1.23 trillion net buy in stocks and Rp1.66 trillion net buy in government bonds, while there was a Rp0.46 trillion net sell in SRBI. These figures indicate a mixed sentiment among foreign investors towards the end of the year.

Market Impact and Future Outlook

The significant foreign capital outflow had various market implications. The 5-year Indonesia Credit Default Swap (CDS) premium decreased to 67.78 basis points on January 1, 2026, down from 69.95 basis points on December 26, 2025 ¹

. The yield on 10-year government bonds remained stable at 6.04% on January 2, 2026, compared to 6.05% on December 31, 2025. Meanwhile, the US 10-year Treasury yield stood at 4.167% on December 31, 2025. The Indonesian rupiah opened weaker at Rp16,680 per USD on January 2, 2026, compared to Rp16,670 per USD on December 31, 2025.

Sector-specific Foreign Investment Trends

While the overall trend showed significant foreign capital outflow, certain sectors attracted foreign investment. According to data from Kontan, foreign investors accumulated shares in specific companies despite the overall net sell position of Rp17.34 trillion in 2025 ²

. The top stocks with foreign net purchases included PT Impack Pratama Industri Tbk (IMPC) with Rp8.18 trillion, PT Telkom Indonesia Tbk (TLKM) with Rp7.44 trillion, and PT Astra International Tbk (ASII) with Rp6.46 trillion ².

References