Indonesian Stock Market Rebounds Amidst Significant Foreign Selling

Market Performance on December 16, 2025

The Indonesian Composite Stock Price Index (IHSG) closed higher at 8,686.47, representing a 0.43% increase or 36.81 points on December 16, 2025. Despite this rise, foreign investors recorded a significant net sell of Rp934.76 billion across all markets ³

Foreign Investor Activity

The net sell figure was primarily driven by substantial selling in the negotiation market, amounting to Rp843.77 billion, while the regular market saw a net sell of Rp90.99 billion. The top stocks sold by foreign investors were:

• PT Pantai Indah Kapuk Dua Tbk (PANI): Rp991.3 billion
• PT Bank Rakyat Indonesia Tbk (BBRI): Rp264.6 billion
• PT Bank Central Asia Tbk (BBCA): Rp232 billion

Conversely, foreign investors showed buying interest in:

• PT Impack Pratama Industri Tbk (IMPC): Rp248.4 billion
• PT Elang Mahkota Teknologi Tbk (EMTK): Rp140.3 billion
• PT Telkom Indonesia Tbk (TLKM): Rp74.6 billion ³
  Source 3

  https://pusatdata.kontan.co.id/news/ihsg-naik-043-ke-8686-hari-ini-1612-ada-net-sell-asing-jumbo-rp-935-miliar

Technical Analysis and Future Outlook

Market analysts provided varying perspectives on the IHSG's future movement. William Hartanto of WH-Project noted that the IHSG formed a dragonfly doji pattern on December 15, 2025, indicating potential for a rebound. He suggested that the 'buy on weakness' strategy remains viable as long as the demand zone at 8,612 holds ⁴

Ivan Rosanova from Binaartha Sekuritas provided a more cautious view, noting that the IHSG needs to sustain above 8,704 to test the resistance level at 8,742. He identified support levels at 8,493, 8,361, and 8,255, while resistance levels were noted at 8,742, 8,877, and 8,941. The MACD indicator showed bearish momentum ⁵

Conclusion

The IHSG's rebound on December 16, 2025, reflects improving market sentiment despite significant foreign investor selling. The technical outlook remains mixed, with potential support and resistance levels providing guidance for future market movements.