Rupiah-denominated assets showed mixed performance on Thursday (26-Feb). The JCI declined by 1.04% to 8,235.26 (vs. +0.50% prior), extending year-to-date losses to -4.76%. Trading turnover also eased slightly to Rp28.1tn (vs. Rp29.8tn prior; YTD average: Rp30.3tn), and foreign investors remained net buyers at Rp340.4bn, narrowing the cumulative YTD net outflows to Rp8.8tn. Meanwhile, regionally, most Asian equity markets advanced, supported by easing concerns over artificial intelligence-related disruptions and continued strength in global technology earnings. The KOSPI surged by 3.67%, while the Nikkei rose by 0.29%.
In the bond market, INDOGBs continued to strengthen, with yields declining across the curve despite foreign net outflows of Rp167.2bn (vs. -Rp1.2tn previously). According to Bloomberg, the 5-yr FR109 yield edged down to 5.73% (-1.2 bps), the 10-yr FR108 to 6.40% (-1.2 bps), the 15-yr FR106 to 6.57% (-1.5 bps), and the 20-yr FR107 to 6.63% (-1.5 bps). Offshore indicators were mixed. The 5-yr USD sovereign yield eased slightly to 4.33% (-0.2 bps), while the 5-yr CDS widened marginally to 80.69 (-0.09 bps). Meanwhile, the rupiah strengthened by 0.18% to Rp16,755/USD (YTD: -0.39%), extending its recent recovery.
According to IDX s OTC trading report, Indonesian government bond trading volume strengthened significantly to Rp40.4tn (vs. Rp30.3tn prior, or YTD avg.: Rp 32.3tn). The 4.6-yr FR0082 series led market activity, recording Rp4.6tn in trading volume. Its price inched up to 105.10 (+0.53%), while the yield declined to 5.71% (-13.57 bps). This was followed by the 10-yr FR0108 and 0.5-yr SPNS10082026 series, which recorded volume of Rp3.5tn, each.
Based on DMO data as of 25-Feb, foreign ownership in INDOGB declined to Rp875.4tn (13.01% of total outstanding). Year-to-date, other investors have remained the largest net buyers (+Rp40.2tn), followed by insurance & pension funds (+Rp38.2tn), onshore banks (+Rp36.4tn), mutual funds (+Rp23.3tn), Bank Indonesia (+Rp13tn), and retail investors (+Rp9.9tn). Meanwhile, foreign investors recorded cumulative net selling of -Rp3.3tn.
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Thursday (26-Feb), with total volume declining to Rp10.2tn (vs. Rp12.9tn on 25-Feb). Turnover came in above the prior week s daily average of Rp7.0tn, and the 2026 YTD average of Rp 4.8tn.
The FIFA07BCN3 series (maturing on 26-Feb-29), rated AAA(idn), was the most actively traded with a total volume Rp610bn, marking its debut on the secondary market. It traded at 99.93, yielding 4.78%. This was followed by the FIFA07ACN3 series (maturing on 5-Mar-27), rated AAA(idn), which also debuted in the secondary market with a total volume Rp537bn. It traded at 100.00, yielding 5.75%. Close behind was the SMINKP04BCN1 series (maturing on 4-Oct-29), rated idA+(sy) with a volume of Rp379bn. Its price rose to 112.52 (+1.57%), while the fell to 6.80% (-51.82 bps).
