Indonesian assets traded mixed on Monday (22-Dec). The JCI rebounded modestly by 0.42% to 8,645.84 ( 0.59% WoW; +22.12% YTD), supported by continued foreign buying. The trading value moderated to Rp24.2tn, still above the YTD daily average of Rp18tn. Foreign investors posted a net equity inflow of Rp1.34tn (vs. Rp2.67tn prior), bringing the cumulative inflows over the past week to Rp3.27tn and trimming the YTD outflows to Rp21.06tn. Regionally, Asian equities closed higher, led by gains in AI-related stocks, with the Nikkei up 1.81% and the Hang Seng rising 0.43%.
In the bond market, INDOGB yields edged higher across most tenors despite a return of modest foreign inflows (+Rp0.71tn). The 5-yr FR104 yield rose to 5.62% (+2.0 bps), the 10-yr FR103 to 6.14% (+0.7 bps), and the 15-yr FR106 to 6.42% (+0.5 bps), while the 20-yr FR107 marginally lowered to 6.53% ( 0.1 bps). Offshore, the 5-yr USD INDON yield ticked up to 4.44% (+0.6 bps), while Indonesia s 5-yr CDS tightened further to 69.24 (-0.64 bps). Meanwhile, the rupiah continued to weaken, depreciating by 0.19% to Rp16,776/USD ( 0.65% WoW; 4.19% YTD).
According to IDX s OTC trading report, Indonesian government bond trading activity continued to edge up slightly on Monday (22-Dec), with total volume ticking up to Rp17.5tn (vs. Rp16.3tn on 19-Dec). Despite the modest improvement, the figure remained well below the prior week s daily average of Rp21.5tn and the 2025 YTD average of Rp32.0tn, and also trailed the 2024 daily average of Rp21.7tn.The 5-yr FR0104 series (maturing on 15-Jul-30) led market activity, recording Rp4.0tn in trading volume. Its price remained relatively unchanged at 103.60, bringing the yield slightly lower to 5.59% (-0.13 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-35), which recorded Rp2.1tn in trading volume. Its price edged up modestly to 104.53 (+0.10%), with the yield easing to 6.12% (-1.39 bps).
Based on DMO data as of 19-Dec, foreign holdings of government bonds increased slightly to Rp875.5tn (13.32% of outstanding). Year-to-date, domestic banks remain the largest net buyers (+Rp155.6tn), followed by Bank Indonesia (+Rp150.8tn), insurance and pension funds (+Rp145.2tn), mutual funds (+Rp57.6tn), and other investors (+Rp29.5tn). Foreign investors remain marginal net sellers YTD ( Rp1.2tn), alongside retail investors ( Rp5.2tn).
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Monday (22-Dec), with total volume easing to Rp3.1tn (vs. Rp4.7tn on 19-Dec). The figure fell below both the prior week s daily average of Rp5.1tn and the 2025 YTD average of Rp4.0tn, while remaining comfortably above the 2024 daily average of Rp2.05tn.
The SMMA03CN1 series (maturing on 5-Apr-29), rated irAA, led the segment with Rp316bn in trading volume. The bond s price rose sharply to 113.43 (+2.64%), pulling the yield significantly lower to 5.50% (-92.96 bps). This was followed by the SIPOST01BCN1 series (maturing on 8-Jan-30), rated A(idn), which recorded Rp239bn in trading volume. Its price inched up to 111.20 (+1.54%), driving the yield lower to 6.57% (-45.88 bps).
