Closing the week, the JCI and the rupiah continued to strengthen, while INDOGB saw little change on Friday (11-Jul). The Jakarta Composite Index (JCI) extended its rally, rising by +0.60% to 7,047.44 (vs. +0.88% prior), thus amending the YTD performance to positive at +0.85%. Nevertheless, equity transactions in the secondary market fell slightly to Rp12.9tn (vs. Rp13.4tn previously) and were slightly lower than the YTD average daily transaction value of Rp13.1tn. Furthermore, after reporting net outflows for 9 consecutive days, foreign investors recorded net buy, with net inflows of +Rp460.11bn (vs. -Rp393.8bn previously), thus slightly narrowing the YTD cumulative net sell to -Rp57.9tn. Concurrently, Asian equity markets closed mixed; the Nikkei 225 Index remained in the red, closing at 39,569.68, or declining by -0.19% (vs. -0.44% previously), while the Hang Seng Index rose by +0.46% to 24,139.57 (vs. +0.57% previously) as renewed optimism over potential economic stimulus from Beijing buoyed investor sentiment despite lingering concerns about global trade and weak Chinese data.
The Indonesian government bond (INDOGB) market did not change much. Based on Bloomberg data, the 5-yr FR104 yield slightly went up by 0.3 bps to 6.18%, the 10-yr FR103 yield was flat at 6.56%, the 15-yr FR106 yield fell slightly by 0.1 bps to 6.86%, and the 20-yr FR107 yield fell slightly by 0.3 bps to 6.96%. Regarding the 10-yr USD global bond (maturing in Mar-2031), its yield edged up 0.7 bps to 4.55%, while Indonesia s 5-yr CDS widened to 74.72 (+1.09 bps). However, foreign investors extended their net outflow, but it eased to -Rp0.04tn (vs. -Rp1.32tn prior). On the currency side, the rupiah s strengthening continued, appreciating by +0.06% to Rp16,211/USD (vs. +0.14% previously), sending the YTD depreciation to -0.63%.
According to IDX’s OTC trading report, Indonesian government bond trading activity moderated on Friday (11-Jul), with volume easing to Rp26.7tn (vs. Rp32.2tn on 10-Jul). While the figure fell below the current week s average of Rp41.5tn, it also fell short of the 2025 year-to-date (YTD) daily average of Rp30.0tn, though it continued to outperform the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led the market, registering a trading volume of Rp5.0tn (vs. Rp3.7tn previously). Its price inched up to 101.40 (+0.18%), sending the yield lower to 6.56% (-2.46 bps). The 5-yr FR0104 series (maturing on 15-Jul-30) followed with Rp3.1tn in volume (vs. Rp4.4tn previously), as its price edged down slightly to 101.40 (-0.03%) and its yield rose to 6.17% (+0.69 bps).
Based on the latest DMO data (as of 10-Jul), foreign holdings in government bonds fell slightly to Rp935.9tn, or 14.75% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp104.5tn), followed by foreign investors (+Rp59.3tn), insurance & pension funds (+Rp53tn), retail investors (+Rp44.1tn), onshore banks (+Rp35.2tn), and other investors (+Rp10tn). Meanwhile, the only investor type that was a net seller was mutual funds, with a net sell of -Rp2.3tn.
Over the week, the JCI rebounded, climbing by +2.63% (vs. -0.47 % the previous week). The bond market remained resilient, and the 10-yr INDOGB yield continued to fall by -0.7 bps (vs. -7.4 bps the previous week). Concurrently, the USD-denominated 10-yr INDOGB yield went up by +9.4 bps (vs. -6.4 bps the previous week). The rupiah weakened against the USD, depreciating by -0.16% (vs. +0.12% in the prior week). In addition, foreign funds recorded outflows in the equity market, totaling -Rp1.87tn (vs. -Rp2.78tn last week), while in the bond market, foreign investors recorded net outflows of -Rp1.56tn (vs. +Rp14.62tn last week).
Meanwhile, over the week, average daily trading volume in government bonds moderated to Rp30.05tn (vs. Rp41.5tn in the prior week). The 10-yr FR0103 series maintained its dominance, although its total weekly volume declined to Rp28.4tn (vs. Rp40.6tn previously).
Domestic Corp Bond Market
On the corporate side, trading activity also softened on Friday (11-Jul), with volume declining to Rp5.2tn (vs. Rp6.9tn on 10-Jul). While falling short of the current week s average of Rp7.0tn, it still stood well above both the 2025 YTD average of Rp3.8tn and the 2024 daily average of Rp2.05tn.
The LPPI03BCN3 series (maturing on 21-May-28), rated idA, led the segment with Rp537bn in transactions. Its price inched up to 101.79 (+0.02%), bringing the yield down slightly to 9.93% (-0.43 bps). This was followed by the MBMA01ACN1 series (maturing on 15-Jul-26), rated idA, which posted a trading volume of Rp301bn. The bond traded flat at 101.00, offering a yield of 6.47%.
For the week, average daily trading volume in corporate bonds climbed to Rp7.0tn (vs. Rp5.3tn in the prior week). The 1-yr SMBRIS01ASLCN2 series (maturing on 6-Jul-26), rated idAAA(sy), emerged as the most actively traded corporate bond, registering a total weekly volume of Rp3.3tn.
Pefindo has assigned idAA- rating with a stable outlook to PT KA Properti Manajemen (KA Properti). According to Pefindo, the rating reflects KAI Properti s strategic importance to its parent, PT Kereta Api Indonesia (Persero) or KAI (idAAA/stable), strong competitive position supported by captive market, and strong financial profile. However, it is constrained by risk related to business expansion in the property segment and exposure to fluctuation of raw material prices.
