Rupiah-denominated assets closed broadly weaker on Thursday (29-Jan). The rupiah depreciated further by -0.27% to Rp16,765/USD (vs. -0.05% prior; YTD: -0.43%), despite a 0.3% decline in the DXY to 96, as optimism following US Treasury Secretary Scott Bessent s reaffirmation of a strong-dollar policy proved short-lived. In equities, foreign selling pressure persisted, with the JCI falling -1.06% to 8,232.20 (vs. -7.35% prior), deepening the YTD losses to -4.08%. Equity turnover surged to Rp67.9tn (vs. Rp45.4tn prior; YTD avg.: Rp34.5tn), marking the highest daily turnover since 19-Sep-2025. Foreign investors recorded another heavy net sell of -Rp4.6tn (vs. -Rp6.2tn prior; YTD: -Rp8.35tn). Regionally, equity markets closed higher, with the Hang Seng Index going up +0.51% and the Shanghai Composite Index rising +0.16%.
In the bond market, INDOGB yields edged up across tenors, despite a return of modest foreign inflows amounting to Rp346.9bn (vs. -Rp942.9bn prior). According to Bloomberg, the 5-yr FR109 rose to 5.72% (+0.2 bps), the 10-yr FR108 to 6.35% (+0.8 bps), the 15-yr FR106 to 6.53% (+0.3 bps), and the 20-yr FR107 to 6.61% (+1.5 bps). Offshore, Indonesia s 5-yr USD sovereign yield declined further to 4.41% (-1.8 bps), while the 5-yr CDS widened slightly to 75.80 (+0.56 bps).
According to IDX s OTC trading report, Indonesian government bond trading activity moderated sharply on Thursday (29-Jan), with total volume declining to Rp5.6tn (vs. Rp29.5tn prior, or YTD avg.: Rp32tn). The 4.5-yr FR0104 series (maturing on 15-Jul-30) led market activity, recording Rp1.0tn in trading volume. Its price rose to 102.95 (+0.12%), while the yield declined to 5.77% (-3.08 bps). This was followed by the 7.1-yr FR0096 series (maturing on 15-Feb-33), which recorded Rp712bn in trading volume. Its price edged lower to 103.90 (-0.05%), while the yield inched up to 6.31% (+0.85 bps). Close behind, the 0.5-yr PBS032 series (maturing on 15-Jul-26), which recorded Rp668bn in trading volume. Its price edged up to 100 (+0.12%), while the yield declined to 4.60% (-26.59 bps).
Based on DMO data as of 27-Jan, foreign ownership of government bonds increased marginally to Rp881.9tn, equivalent to 13.24% of the outstanding. Year to date, insurance and pension funds remain the largest net buyers (+Rp23.6tn), followed by onshore banks (+Rp21.4tn) and other investors (+Rp21.2tn), largely driven by private placements. Mutual funds, Bank Indonesia, and foreign investors also posted net purchases of Rp17.8tn, Rp9.5tn, and Rp3.3tn, respectively, while retail investors remained net sellers (-Rp2.1tn).
Domestic Corp Bond Market
On the corporate side, trading activity picked up on Thursday (29-Jan), with total volume rising to Rp3.0tn (vs. Rp2.7tn on 28-Jan). Turnover remained below the prior week s daily average of Rp3.1tn, the 2026 YTD average of Rp 3.7tn, and the 2025 daily average of Rp4.0tn.
The SIBSDE02BCN2 series (maturing on 17-Dec-35), rated idAA(sy), led the segment with Rp275bn in trading volume. Its price declined to 98.69 (-0.25%), while the yield rose to 6.68% (+3.50 bps). This was followed by the SMFP02SOCN1series (maturing on 8-Jul-30), rated idAAA which recorded Rp216bn in trading volume. Its price slipped to 102.84 (-0.04%), while the yield rose to 6.21% (+9.04 bps). Close behind was the SMPPGD01ASOCN3 series (maturing on 23-Nov-26), rated idAAA(sy), which recorded Rp176bn in trading volume. Its price edged lower to 100.20 (-0.08%), while the yield rose to 5.00% (+9.04 bps).
