Rupiah-denominated assets closed mixed on Thursday, with equities rebounding, while government bonds weakened slightly and the rupiah depreciated against the USD. The JCI rose +1.5% to 8,274 (+2.6% MTD; +1.0% YTD), led by the property and consumer non-cyclical sectors. The sentiment was supported by stronger liquidity data, as broad money supply (M2) grew 8.0% YoY in September (vs. 7.6% in August). The daily turnover posted Rp21.0tn (YTD avg.: Rp16.3tn), with foreign inflows of Rp1.1tn (MTD: +Rp6.3tn; YTD: -Rp48.5tn). Regionally, Asian equities were mixed; the Hang Seng rose +0.7% (to 25,968; YTD: +29.5%), while the Nikkei 225 declined by -1.4% (to 48,642; YTD: +21.9%) as renewed US China trade tensions weighed on sentiment. Reports indicated that the Trump administration may impose new export restrictions on goods produced using US software in response to China s tighter rare earth controls.
In the bond market, INDOGB yields edged higher amid continued foreign net outflows (-Rp1.2tn), based on CTP PLTE data. According to Bloomberg, the 5-yr FR104 closed at 104.59 (-0.12%), yielding 5.38% (+2.9 bps); the 10-yr FR103 at 105.63 (-0.20%), yielding 5.98% (+2.7 bps); the 15-yr FR106 at 107.56 (-0.09%), yielding 6.33% (+1.0 bps); and the 20-yr FR107 at 107.31 (-0.12%), yielding 6.46% (+1.1 bps). Offshore, the 5-yr USD global bond yield eased slightly to 4.29% (-1.1 bps), while Indonesia s 5-yr CDS inched up to 81.23 bps (+0.42 bps). The rupiah weakened by 0.27% to Rp16,620/USD (MTD: +0.27%; YTD: -3.22%).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated further on Thursday (23-Oct), with total volume declining notably to Rp31.9tn (vs. Rp40.0tn on 22-Oct). The figure fell below both the prior week s daily average of Rp37.4tn and the 2025 year-to-date (YTD) daily average of Rp33.0tn, while remaining comfortably above the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) led market activity, recording Rp7.5tn in trading volume (vs. Rp5.1tn previously). Its price slipped to 104.55 (-0.14%), pushing the yield higher to 5.39% (+3.48 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which booked Rp4.2tn in trading volume (vs. Rp3.3tn previously). Its price edged lower to 105.65 (-0.28%), driving the yield upward to 5.97% (+3.95 bps).
Foreign ownership of government bonds continued to decline to Rp887.6tn (13.83% of outstanding) as of 22-Oct. Year-to-date, Bank Indonesia remains the largest net buyer (+Rp142.7tn), followed by onshore banks (+Rp106.4tn), insurance & pension funds (+Rp75.9tn), mutual funds (+Rp29tn), and foreign investors (+Rp11tn), while retail investors recorded a small net sell (-Rp3.6tn).
Domestic Corp Bond Market
On the corporate side, bond trading activity remained steady on Thursday (23-Oct), with total volume ticking up slightly to Rp2.5tn (vs. Rp2.4tn on 22-Oct). The figure stayed below both the prior week s daily average of Rp3.2tn and the 2025 YTD average of Rp3.9tn, while continuing to stand above the 2024 daily average of Rp2.05tn.
The SMMA03CN4 series (maturing on 23-Oct-30), rated irAA, which debuted in the secondary market, led the segment with Rp323bn in trading volume. The bond traded at 100.30, yielding 7.93%. This was followed by the SMOPPM02ACN2 series (maturing on 29-Jul-28), rated idA+(sy), which recorded Rp240bn in trading volume. Its price inched up to 101.05 (+0.03%), pushing the yield slightly lower to 9.56% (-1.26 bps).
