Indonesian asset markets opened the week with a broadly positive tone on Monday (29-Dec), just one day ahead of the end of 2025, as equities and government bonds strengthened, while the rupiah softened slightly against the US dollar. The JCI rebounded sharply, snapping a 2-day decline and rising 1.25% to 8,644.26 (YTD: +22.1%), supported by strong gains in consumer cyclicals (+3.7%), infrastructure (+3.3%), energy (+3.2%), and basic materials (+3.1%). Trading activity remained healthy, with the turnover at Rp22.5tn above the 2025 YTD average of Rp18.1tn. Foreign investors continued to add exposure to equities, recording net inflows of Rp1.96tn, which reduced the YTD foreign outflows to Rp16.4tn. Regionally, Asian equity markets were mixed, with the Nikkei down 0.44%, while the Shanghai Composite edged up 0.04%.
In the bond market, INDOGBs resumed their rally, with benchmark yields easing across the curve amid continued foreign buying of Rp0.47tn. The 5-yr FR104 yield declined to 5.57% ( 2.3 bps), the 10-yr FR103 to 6.12% ( 1.3 bps), the 15-yr FR106 to 6.41% ( 0.6 bps), and the 20-yr FR107 to 6.53% ( 0.5 bps). Offshore, the 5-yr USD government bond yield moved higher to 4.44% (+2.2 bps), while Indonesia s 5-yr CDS was broadly stable at 69.49 bps. Meanwhile, the rupiah weakened modestly by 0.16% to Rp16,788/USD (YTD: 4.26%).
The secondary market bond trading remained subdued, with the total turnover easing to Rp13.3tn, well below both the prior week s daily average and the 2025 YTD average. The 5-yr FR104 series was the most actively traded, with Rp2.0tn in volume, followed by the 3.3-yr FR101 at Rp1.3tn.
Based on DMO data as of 24-Dec, foreign holdings of government bonds rose further to Rp878.3tn (13.37% of outstanding). Year-to-date, Bank Indonesia is the most attractive net buyer (+Rp152.9tn), followed by onshore banks (+Rp149.2tn), insurance and pension funds (+Rp144tn), mutual funds (+Rp56.8tn), other investors (+Rp29.8tn), and foreign investors (+Rp1.7tn). Meanwhile, retail investors were the only type recording a net sell, amounting to -Rp5tn.
Domestic Corp Bond Market
On the corporate side, trading activity ticked up on Monday (29-Dec), with total volume increasing to Rp4.4tn (vs. Rp3.7tn on 24-Dec). While the figure remained below the prior week s daily average of Rp5.1tn, it was broadly in line with the 2025 YTD average of Rp4.0tn and comfortably above the 2024 daily average of Rp2.05tn, indicating relatively resilient interest in corporate credits.
The WIKA02ACN2 series (maturing on 18-Feb-27), rated idCCC, led the segment with Rp408bn in trading volume. The bond s price rose sharply to 90.05 (+28.61%), pulling the yield significantly lower to 16.26% (-2,407.09 bps). This was followed by the LPPI03BCN1 series (maturing on 4-Oct-29), rated idA, which recorded Rp291bn in trading volume. Its price fell to 105.10 (-2.04%), pushing the yield higher to 9.38% (+65.31 bps).
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