The rupiah-denominated assets closed mixed on Friday (24-Oct). The JCI was largely unchanged, slipping -0.03% to 8,271.72 (vs. +1.49% prior; YTD: +16.83%), with the daily turnover rising to Rp22.4tn (vs. Rp21.0tn prior; YTD avg.: Rp16.5tn). Foreign investors continued to post net inflows of +Rp1.15tn (vs. +Rp1.08tn prior), reducing the YTD outflows to Rp47.3tn. Regionally, Asian equities traded higher; the Nikkei 225 Index gained +1.33% (YTD: +25.4%) following Prime Minister Takaichi s announcement of a new fiscal stimulus package, while the Shanghai Index rose +0.71% (YTD: +21.0%) as Beijing reiterated its commitment to technological self-sufficiency.
In the bond market, INDOGB yields eased slightly despite continued foreign net outflows of -Rp1.92tn (vs. -Rp1.19tn prior), according to the CTP PLTE data. Per Bloomberg, the 5-yr FR104 closed at 104.61 (+0.02%), yielding 5.38% (-0.5 bps); the 10-yr FR103 at 105.64 (+0.01%), yielding 5.97% (-0.1 bps); the 15-yr FR106 at 107.62 (+0.05%), yielding 6.32% (-0.6 bps); and the 20-yr FR107 at 107.29 (-0.01%), yielding 6.47% (+0.1 bps).Offshore, the USD 5-yr global bond yield edged down to 4.29% (-0.4 bps), while Indonesia s 5-yr CDS tightened to 80.09 bps (-1.07 bps). Meanwhile, the rupiah strengthened modestly by +0.15% to Rp16,595/USD (vs. -0.27% prior; YTD: -3.06%).
According to IDX s OTC trading report, Indonesian government bond trading activity eased further, with total volume declining to Rp29.2tn (vs. Rp31.9tn on 23-Oct). The figure fell below both the current week s daily average of Rp34.9tn 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 Rp8.6tn in trading volume (vs. Rp7.5tn previously). Its price remained relatively flat at 104.55, yielding 5.39% (-0.06 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which booked Rp5.7tn in trading volume (vs. Rp4.2tn previously). Its price also stayed largely unchanged at 105.65, yielding 5.97% (-0.02 bps).
As of 23-Oct, foreign ownership of government bonds fell to Rp885.2tn (13.74% of outstanding). Year-to-date, Bank Indonesia remains the largest net buyer (+Rp145.5tn), followed by onshore banks (+Rp123.2tn), insurance & pension funds (+Rp83.9tn), mutual funds (+Rp31.6tn), others (+Rp17.5tn), and foreign investors (+Rp8.6tn), while retail investors recorded net selling of -Rp5.3tn.
On a weekly basis, rupiah assets delivered mixed performance: equities rebounded strongly (+4.46%), the 10-yr INDOGB yield rose +3.8 bps (vs. -16.3 bps prior), the USD INDOGB yield declined by -8 bps, and the rupiah weakened slightly (-0.06%). Foreign investors recorded net inflows of +Rp4.23tn in equities and net outflows of -Rp3.60tn in bonds.
Over the week, the average daily government bond trading volume eased to Rp34.9tn (vs. Rp38.8tn in the prior week). The 5-yr FR0104 series remained the most actively traded benchmark, with total weekly volume slightly easing to Rp31.2tn (vs. Rp32.7tn in the previous week).
Domestic Corp Bond Market
On the corporate side, bond trading activity surged on Friday (24-Oct), with total volume more than doubling to Rp5.5tn (vs. Rp2.5tn on 23-Oct). The figure surpassed both the current week s daily average of Rp3.9tn and the 2025 YTD average of Rp3.9tn, while remaining well above the 2024 daily average of Rp2.05tn.
The CUAN01ACN2 series (maturing on 24-Oct-30), rated idA, which debuted in the secondary market, led the segment with Rp957bn in trading volume. The bond traded at par (100.00), yielding 8.50%. This was followed by the SWCUAN01BCN2 series (maturing on 24-Oct-32), rated idA(sy), which also debuted in the secondary market and recorded Rp779bn in trading volume. The bond traded at 99.75, yielding 9.05%.
Over the week, the average daily corporate bond trading volume edged up to Rp3.9tn (vs. Rp3.2tn in the prior week). The 5-yr CUAN01ACN2 series (maturing on 24-Oct-30), rated idA, emerged as the most actively traded corporate bond, recording a total weekly volume of Rp957bn.
