JAKARTA — The Composite Stock Price Index (IHSG) faced significant pressure during the week of May 18–22, 2026, falling by 8.35% to close at 6,162.04. This downturn occurred alongside a notable surge in trading activity and persistent selling pressure from foreign investors.
Kautsar P. Nurahmad, Corporate Secretary of the Indonesia Stock Exchange (IDX), reported that market capitalization dropped by 10.07%, falling from Rp11,825 trillion the previous week to Rp10,635 trillion. This decline represents a contraction of approximately Rp1,190 trillion in market value over just five trading days.
Despite the index decline, trading volume and value saw an uptick. “The average daily transaction value increased by 15.68% to Rp21.77 trillion, up from Rp18.82 trillion in the prior week,” Kautsar stated on Saturday (May 23, 2026). Similarly, the average daily trading volume rose by 2.53%, reaching 36.67 billion shares compared to 35.76 billion shares the previous week.
Conversely, the average daily transaction frequency decreased by 6.5%, dropping to 2.37 million trades from 2.53 million. This divergence suggests that large-value transactions dominated the market, even amidst the prevailing selling pressure.
Foreign Investor Sentiment
Foreign investors remained net sellers in the domestic stock market throughout the week. On Friday (May 22, 2026), foreign net sales totaled Rp309.52 billion. Year-to-date for 2026, foreign investors have recorded a total net sell of Rp41.63 trillion, signaling sustained caution among international market participants.
Fixed Income Market Developments
Despite the volatility in the equity market, the Indonesia Stock Exchange successfully listed three new debt instruments between May 18 and May 22, 2026, comprising two bonds and one sukuk.
On Monday (May 18, 2026), PT TBS Energi Utama Tbk listed its 2026 Sustainable Bond I Phase III, valued at Rp175 billion and rated idA by PT Pemeringkat Efek Indonesia (PEFINDO), with Bank Mega Tbk serving as the trustee. Later that week, on Friday (May 22), PT Samudera Indonesia Tbk issued a Sustainable Ijarah Sukuk I Phase III worth Rp700 billion (rated idA+(sy)), followed by PT Energi Mega Persada Tbk, which listed its 2026 Sustainable Bond I Phase III valued at Rp500 billion (rated idA+).
These additions bring the total number of bond and sukuk issuances on the IDX throughout 2026 to 62, involving 41 issuers with a combined value of Rp67.84 trillion. Currently, the total outstanding fixed income instruments on the exchange consist of 697 bond and sukuk issuances valued at Rp569.01 trillion and US$148.82 million. Additionally, the market supports 188 series of Government Securities (SBN) worth Rp6,803.28 trillion and US$352.10 million, along with seven asset-backed securities totaling Rp3.57 trillion.
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Summary
The Composite Stock Price Index (IHSG) declined by 8.35% to 6,162.04 during the week of May 18–22, 2026, leading to a loss of Rp1,190 trillion in market capitalization. Despite this drop, the market saw increased trading volume and value, even as foreign investors maintained consistent net selling positions. This selling pressure has resulted in a year-to-date foreign net sell total of Rp41.63 trillion.
Conversely, the fixed income market remained active, with the Indonesia Stock Exchange listing three new debt instruments worth a combined Rp1.375 trillion during the same period. These additions contribute to a broader portfolio of 697 outstanding bond and sukuk issuances on the exchange. Currently, the total value of fixed income instruments remains significant, supported by a diverse range of corporate bonds, sukuk, and government securities.
