The JCI index extended its gains on Thursday (6-Nov), rising +0.22% to 8,337.06 (vs. +0.93% prior; YTD: +17.76%), led by the sectors of industrial (+2.08%), energy (+1.74%), and transportation (+1.41%). The market turnover was steady at Rp18.4tn (vs. Rp18.5tn prior), remaining above the YTD average of Rp16.6tn. Foreign investors ended their 6-day buying streak, recording a net outflow of -Rp115bn (vs. +Rp1.3tn prior; YTD: -Rp39.3tn). Regionally, Asian equities advanced, with the Nikkei 225 up +1.34% (vs. -2.50% prior; YTD: +29.45%) and the Hang Seng soaring +2.12% (vs. -0.07% prior; YTD: +34.97%) after weak US labor data reinforced expectations of a Fed rate cut this month.
In the bond market, INDOGB yields were broadly steady, though foreign investors extended their outflows to -Rp2.24tn (vs. -Rp0.14tn prior), mostly from benchmark series (-Rp2.2tn). According to Bloomberg, the 5-yr FR104 closed at 104.00 (-0.03%), yielding 5.52% (+0.7 bps); the 10-yr FR103 at 104.20 (-0.06%), yielding 6.17% (+0.9 bps); the 15-yr FR106 flat at 106.85, yielding 6.40%; and the 20-yr FR107 flat at 106.68, yielding 6.52%. Offshore, Indonesia s 5-yr USD global bond yield stood at 4.36% (+0.2 bps), while the 5-yr CDS narrowed slightly to 75.89 bps (-0.53 bps). Meanwhile, the rupiah strengthened modestly by +0.09% to Rp16,690/USD (vs. -0.03% prior; YTD: -3.61%).
According to IDX s OTC trading report, Indonesian government bond trading activity remained elevated on Thursday (6-Nov), with total volume holding relatively steady at Rp33.4tn (vs. Rp34.1tn on 5-Nov). The figure fell slightly below the prior week s daily average of Rp35.3tn, yet matched the 2025 year-to-date (YTD) daily average of Rp33.0tn and stood well above the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) dominated market activity, recording Rp4.8tn in trading volume. Its price inched up slightly to 104.07 (+0.07%), bringing the yield marginally lower to 5.50% (-1.71 bps). This was followed by the 5.4-yr FR0109 series (maturing on 15-Mar-31), which booked Rp5.2tn in trading volume. Its price slipped slightly to 101.65 (-0.05%), pushing the yield higher to 5.51% (+1.06 bps).
As of 4-Nov, foreign ownership of government bonds stood at Rp878.4tn (13.58% of outstanding). Year-to-date, Bank Indonesia remains the largest net buyer (+Rp144.1tn), followed by onshore banks (+Rp131.6tn), insurance & pension funds (+Rp87.5tn), mutual funds (+Rp34.9tn), others (+Rp21.9tn), retail investors (+Rp5.4tn), and foreign investors (+Rp1.7tn).
Domestic Corp Bond Market
On the corporate side, bond trading activity weakened on Thursday (6-Nov), with total volume falling by half to Rp2.9tn (vs. Rp5.9tn on 5-Nov). The figure, however, remained well above the prior week s daily average of Rp3.5tn, the 2025 YTD average of Rp3.9tn, and the 2024 daily average of Rp2.05tn.
The LTLS04CN1 series (maturing on 4-Jul-27), rated idA, led the segment, recording Rp217bn in trading volume. The bond s price inched up slightly to 104.35 (+0.01%), bringing the yield lower to 5.98% (-1.05 bps). This was followed by the BOLD03B series (maturing on 10-Oct-28), rated idA+, which recorded Rp431bn in trading volume. The bond s price edged lower to 99.52 (-1.10%), driving the yield significantly higher to 8.18% (+42.83 bps).
Fitch Ratings Indonesia has affirmed PT Tugu Reasuransi Indonesia’s (Tugure) National Insurer Financial Strength (IFS) Rating at ‘A+(idn)’ with a Stable Outlook. The rating reflects the company’s stable regulatory capital position, ‘Moderate’ company profile and that pressure on reserves has started to ease. It also reflects a conservative investment portfolio and enhanced retrocession panel.
