Rupiah-denominated assets weakened on Wednesday, with the JCI declining, government bond yields rising, and the rupiah depreciating against the US dollar, amid continued foreign equity outflows and a stronger US dollar. The US Dollar Index (DXY) extended its gains to 101.7, its highest level since March 2025, as markets continued to price in the possibility of another Federal Reserve rate hike this year. The JCI fell sharply by 3.6% to 5,884 (-4.0% MTD, -32.0% YTD). The JCI fell sharply by 3.6% to 5,884 (-4.0% MTD, -32.0% YTD). All sectors ended lower, led by basic materials and energy, after the MSCI postponed its review of Indonesian equities to Nov-2026, citing ongoing concerns over market accessibility and ownership transparency. The MSCI also indicated that a potential market reclassification could be considered if reforms were insufficient. Despite the sharp decline, trading activity remained relatively subdued, with turnover at Rp15.1tn, bringing the 2026 average daily trading value to Rp24.5tn. Foreign investors remained net sellers, recording Rp1.2tn of net outflows (MTD: Rp16.9tn; YTD: Rp70.8tn).
Asian equity markets closed mixed, with the Shanghai Composite rising 0.1% to 4,111 (+1.0% MTD, +3.6% YTD), while the Nikkei declined by 0.9% to 69,175 (+4.3% MTD, +37.4% YTD). Investor sentiment remained cautious despite easing geopolitical tensions in the Middle East. Markets continued to price in the possibility of another Federal Reserve rate hike this year following its latest hawkish guidance, supporting the DXY at 101.7 and keeping US Treasury yields elevated. Meanwhile, the implementation of the US-Iran interim agreement and the gradual normalization of shipping through the Strait of Hormuz helped ease concerns over global energy supply disruptions, keeping oil prices relatively stable at around USD 75.9/bbl.
Indonesia’s government bond market also weakened slightly, with yields moving higher across most tenors despite estimated foreign net buying of Rp1.5tn based on PLTE data. The 5-yr FR109 yield was unchanged at 6.90%, while the 10-yr FR108 yield rose 4.2 bps to 7.19%. Longer-dated bonds also softened, with the 15-yr FR106 yield increasing by 2.7 bps to 7.27% and the 20-yr FR107 yield rising 3.2 bps to 7.26%. In the offshore market, Indonesia’s 5-yr USD sovereign yield increased by 1.2 bps to 4.89%, while the 5-yr CDS narrowed slightly by 0.1 bps to 90.8 bps. Meanwhile, the rupiah depreciated by 0.55% to Rp17,943/USD (-0.39% MTD, -7.51% YTD).A notable development was the improvement in foreign participation. Foreign bids rose 36% to Rp6.5tn, although still below the YTD average of Rp7.7tn per auction. Meanwhile, onshore bids declined by 4.4% to Rp40.1tn, remaining well below the YTD average of Rp57.2tn. As a result, foreign participation increased to 14.0% of total bids, up from 10.3% in the previous auction and above the YTD average of 11.8%. Foreign investors were also more successful in securing allocations. Foreign awards increased significantly to Rp5.5tn from Rp2.2tn in the previous auction, equivalent to 84.4% of total foreign bids, indicating continued foreign appetite for Indonesian government bonds despite recent market volatility.
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Wednesday (24-June), with total volume declining to Rp25.8tn (vs. Rp43.3tn on 23-June). Turnover came in below the prior week s daily average of Rp30.4tn, the 2026 YTD average of Rp 31.9tn, and the 2025 daily average of Rp32.0tn. The 5-yr FR0109 benchmark series (maturing on 15-Mar-31) led market activity, recording Rp6.2tn in trading volume. Its price declined to 94.67 (-0.25%), while the yield rose to 7.22% (+6.46 bps). This was followed the 10-yr FR0108 benchmark series (maturing on 15-Apr-36), recording Rp4.4tn in trading volume. Its price declined to 95.50 (-2.55%), while the yield rose to 7.14% (+36.35 bps). Close behind was the 14.2-yr FR0106 series (maturing on 15-Aug-40), with a total volume of Rp2.5tn. Its price rose to 100.00 (+0.50%), while the yield declined to 7.12% (-5.68 bps).
The latest government bond ownership data as of 23-Jun (reflecting settlement of 19-Jun, one day after Bank Indonesia’s 25-bps rate hike) showed Bank Indonesia as the largest net seller (Rp0.3tn), followed by foreign investors (Rp0.22tn). The main buyers were retail investors (Rp0.29tn), while insurance companies & pension funds and other domestic investors each recorded net purchases of Rp0.18tn. On a year-to-date basis, insurance companies & pension funds remained the largest buyers, with cumulative purchases of Rp127.8tn, followed by Bank Indonesia (Rp85.1tn), other domestic investors (Rp78.5tn), banks (Rp22.9tn), retail investors (Rp18.5tn), and mutual funds (Rp16.1tn). Foreign investors remained net sellers overall, although the cumulative outflows have narrowed significantly to Rp3.4tn YTD.
Domestic Corp Bond Market
On the corporate side, trading activity moderated on Wednesday (24-June), with total volume declining to Rp8.7tn (vs. Rp9.7tn on 23-June). Turnover came in below the prior week s daily average of Rp12.6tn, but above the 2026 YTD average of Rp7.9tn and the 2025 daily average of Rp4.0tn.
The SIBOLD01B series (maturing on 26-Mar-28), rated idA+(sy), was the most actively traded with a total volume of Rp845bn. Its price increased to 98.47 (+0.14%), while the yield declined to 9.46% (-8.50 bps). This was followed by the SMSMII03ACN2 series (maturing on 7-Dec-26), rated idAAA(sy) with a volume of Rp263bn. Its price rose to 98.20 (+0.07%), while the yield declined to 9.09% (-11.22 bps). Close behind was the SMPPGD03ACN5 series (maturing on 13-Sep-26), rated idAAA(sy) with a volume of Rp236bn. Its price declined to 98.93 (-0.02%), while the yield rose to 11.06% (+36.93 bps).
Pefindo has assigned idAA- rating to PT Moya Indonesia (MOYA) s proposed Bond I Year 2026 of maximum IDR1 trillion and its idAA-(sy) rating for Sukuk Wakalah I Year 2026 of maximum IDR1 trillion. The Company plans to use the funds for investment and refinance loans at the subsidiaries level. At the same time, Pefindo has affirmed its idAA- rating to MOYA with stable outlook. According to Pefindo, the rating reflects MOYA s strong economy of service area, secured by long-term contract with a stable revenue visibility, as well as strong operating management. Meanwhile, the rating is constrained by MOYA s concentrated business profile and moderate capital structure, particularly during its expansion period.
