BBCA, BRMS: Foreign Investors’ Top Picks as Indonesia’s Stock Market Shines in November?

Rancak Media – JAKARTA — The Jakarta Composite Index (JCI), locally known as IHSG, delivered an exceptionally strong performance in November 2025, repeatedly hitting new all-time highs (ATH). This robust market activity coincided with a significant surge of foreign capital inflow, primarily targeting the shares of major players such as PT Bank Central Asia Tbk. (BBCA) and PT Bumi Resources Minerals Tbk. (BRMS).

Data from the Indonesia Stock Exchange (IDX) reveals the JCI’s impressive trajectory. Over the trading week of November 24-28, 2025, the index climbed by a notable 1.12%, closing at 8,508.7, a significant increase from its 8,414.352 position the preceding week. This upward momentum was further reflected in the IDX’s market capitalization, which expanded by 1.53% to Rp15,626 trillion, up from Rp15,391 trillion just a week prior.

Confirming this buoyant trend, Kautsar Primadi Nurahmad, Corporate Secretary of the IDX, highlighted a substantial increase in trading activity. “The most significant surge was observed in the average daily transaction value on the IDX, which soared by 41.87% to Rp30.31 trillion, a sharp rise from Rp21.37 trillion in the previous week,” Nurahmad stated in a written release on Friday (November 29, 2025).

Looking at the broader picture for November 2025, the JCI’s performance remained stellar, recording a monthly gain of 4.22%. This consistent growth has firmly established the index in positive territory, boasting an impressive year-to-date (YTD) increase of 20.18% since the first trading day of 2025.

The JCI’s record-breaking journey in November was particularly striking. The index achieved a new closing ATH of 8,602.13 on November 26, 2025. Demonstrating continued strength, it then reached an intraday ATH of 8,622.27 just one day later, on November 27, 2025.

Mirroring the JCI’s exceptional rally, foreign net buying in the Indonesian stock market reached a substantial Rp17.9 trillion in November 2025. This significant capital influx was concentrated across several key stocks.

Among the top beneficiaries, PT Bank Mandiri Tbk. (BMRI) attracted foreign net buying of Rp3.55 trillion throughout November 2025. PT Bumi Resources Minerals Tbk. (BRMS) followed closely with Rp2.79 trillion, while PT Bank Central Asia Tbk. (BBCA) recorded Rp2.52 trillion in foreign net buying. Other prominent recipients included PT Barito Renewables Energy Tbk. (BREN) with Rp1.79 trillion and PT Astra International Tbk. (ASII) with Rp1.05 trillion in foreign net buying over the month.

Experts anticipate this robust trend of foreign investment to persist. Farell Nathanael, an Equity Research Analyst at OCBC Sekuritas, attributed the strong inflows to several critical factors. “Bank Indonesia continues to implement interest rate cuts, which encourages capital to shift towards riskier assets compared to less risky ones,” Nathanael explained recently. He added that ongoing government stimulus and the inherently strong fundamentals of listed companies (issuers) are also key attractions for foreign investors.

Echoing this positive sentiment, Nafan Aji Gusta, Senior Investment Information at Mirae Asset Sekuritas, had previously forecasted that the robust foreign capital inflow, evident since October 2025, would likely extend through the year-end. “This optimistic outlook is further bolstered by expectations of the ‘window dressing‘ phenomenon and a ‘Santa Claus rally‘,” Gusta elaborated. He noted that, historically, November and December are bullish months for the market, a trend that often spills over into January of the subsequent year.

The concept of window dressing refers to a strategy employed by investment managers to enhance their portfolio performance before reporting it to investors. Meanwhile, a Santa Claus rally describes the common trend of rising stock prices typically observed in the final week of December. Additionally, various fiscal stimulus policies from the government are expected to further invigorate economic growth, while corporate actions such as share buybacks are also anticipated. The market’s appreciation for the strong performance of listed companies in the third quarter of 2025 further solidifies this positive sentiment.