Rupiah assets moved sideways on Thursday (16-Apr), with equities slightly lower, bonds firming, and the rupiah stabilizing. The JCI slipped marginally by -0.03% to 7,621.38 (vs. -0.68% prior; YTD: -11.86%), while trading activity moderated to Rp18.1tn (vs. Rp22.6tn prior; YTD avg.: Rp25.9tn). Foreign investors continued to reduce exposure, recording net outflows of -Rp982bn (vs. -Rp1.16tn prior; YTD: -Rp38.9tn). Regionally, Asian equities mostly advanced, supported by improving sentiment amid optimism over a potential extension of the US Iran ceasefire, alongside strong cues from record highs on Wall Street. The Nikkei (+2.38%) and the Hang Seng (+1.72%) led gains.
In the bond market, INDOGB extended its rally, with yields easing slightly across most tenors, except at the short end. The 10-yr FR108 declined to 6.56% (-0.8 bps), the 15-yr FR106 to 6.69% (-1.1 bps), and the 20-yr FR107 to 6.65% (-1.3 bps). In contrast, the 5-yr FR109 edged up to 6.24% (+0.3 bps). Despite the rally, foreign investors recorded net outflows of -Rp1.2tn, extending the previous day s outflows of Rp0.7tn. Offshore indicators continued to improve, with Indonesia s 5-yr USD bond yield declining to 4.53% (-0.3 bps) and the 5-yr CDS tightening to 83.29 (-1.5 bps). Meanwhile, the rupiah stabilized, appreciating slightly by +0.02% to Rp17,138/USD (-2.67% YTD).
Trading activity moderated, with government bond turnover declining to Rp30.1tn (vs. Rp39.7tn prior), although still broadly in line with the weekly average (Rp29.9tn) and slightly below the 2026 YTD average (Rp33.6tn). The 5-yr FR109 benchmark led trading with Rp6.8tn, followed by 9.3-yr FR103 (Rp2.9tn) and 4.3-yr FR104 (Rp2.5tn).
From a positioning perspective, foreign ownership in government bonds increased slightly to Rp865.2tn (12.7% of outstanding) based on DMO data as of 14-Apr. However, YTD flows have remained dominated by domestic investors led by insurance companies and pension funds (+Rp76.1tn), banks (+Rp57.0tn), and Bank Indonesia (+Rp54.7tn). Meanwhile, foreign (-Rp13.5tn) and retail (-Rp2.8tn) investors have remained net sellers on a YTD basis.
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Thursday (16-Apr), with total volume declining to Rp8.5tn (vs. Rp9.2tn on 15-Apr). Turnover came in below the prior week s daily average of Rp8.6tn, but above the 2026 YTD average of Rp7.3tn.
The IJEE02B series (maturing on 8-Jul-28), rated idA, was the most actively traded with a total volume of Rp412bn. Its price rose to 105.25 (+1.45%), while the yield declined to 8.88% (-73.54 bps). This was followed by the SMBRIS01ASLCN2 series (maturing on 6-Jul-26), rated idAAA(sy) with a volume of Rp320bn. Its price declined to 99.41 (-0.30%), while the yield increased to 9.14% (+154.34 bps). Close behind was the SWCNAF01ACN3 series (maturing on 13-Sept-26), rated AA+(idn) with a volume of Rp302bn. Its price declined to 99.48 (-1.57%), while the yield rose to 7.45% (+365.04 bps).
