Ini saham big caps incaran investor asing akhir tahun, ada ASII hingga TLKM

Rancak Media JAKARTA — The Indonesian stock market experienced a significant surge in foreign capital inflows during the second half of 2025. Several prominent big-cap stocks, including PT Astra International Tbk. (ASII) and PT Telkom Indonesia Tbk. (TLKM), emerged as primary targets for foreign investors.

According to data from the Indonesia Stock Exchange (BEI), the Indonesian equity market recorded a substantial net foreign buy of Rp2.45 trillion during trading nearing the end of the year on Wednesday, December 24, 2025. This robust influx of foreign funds helped mitigate the overall net foreign sell for the entirety of 2025.

“Throughout 2025, the Indonesian stock market registered a net foreign sell of Rp18.36 trillion,” stated Kautsar Primadi Nurahmad, Corporate Secretary of BEI, in a recent written statement, indicating the impact of the late-year buying spree.

Indeed, this trend of foreign capital inflow has been consistently observed since mid-year. Over the past six months, the Indonesian stock market has attracted an impressive net foreign buy totaling Rp34.93 trillion, signaling strong confidence from international investors.

During the second half of 2025, specific stocks were particularly favored by foreign investors. For instance, ASII shares recorded a net foreign buy of Rp6.53 trillion over the last six months. Similarly, PT Bumi Resources Minerals Tbk. (BRMS) saw a net foreign buy of Rp6.66 trillion, while TLKM shares attracted Rp6.24 trillion in net foreign purchases during the same period. Additionally, PT Barito Renewables Energy Tbk. (BREN) registered a net foreign buy of Rp2.84 trillion in the last six months.

Previously, Farell Nathanael, an Equity Research Analyst at OCBC Sekuritas, highlighted that the strong foreign capital inflow in the latter half of the year was driven by several key factors. “Bank Indonesia’s continuous interest rate cuts have channeled funds into riskier assets rather than less risky ones,” Farell explained recently. Other contributing factors include government stimulus measures and the robust fundamentals of listed companies, which continue to capture the attention of foreign investors.

Nafan Aji Gusta, Senior Investment Information at Mirae Asset Sekuritas, had also anticipated that the surge in foreign fund inflows, initially observed in October 2025, would persist until the year-end and potentially extend into 2026. “Coupled with the expectations of window dressing and a Santa Claus rally, the Jakarta Composite Index (JCI) could maintain its bullish trajectory. Historically, November and December are bullish months, a trend that often extends into January of the following year,” Nafan elaborated.

For context, window dressing refers to the strategy employed by fund managers to enhance the appearance of their portfolio performance before reporting to investors. Meanwhile, a Santa Claus rally denotes the common trend of rising stock prices typically observed in the last week of December. Beyond these market phenomena, several fiscal stimulus policies from the government are also expected to boost economic growth, further underpinning investor sentiment. Moreover, corporate actions such as share buybacks and the strong appreciation for issuers’ third-quarter 2025 performance have collectively fueled this positive momentum in the market.

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