Rupiah-denominated assets posted another day of gains on Thursday, with the JCI climbing +0.49% to 7,931.25 (YTD: +12.8%) despite a lighter turnover of Rp18.6tn. Meanwhile, foreign investors extended their buying streak in equities, adding +Rp827.2bn (vs. +Rp1.5tn prior), narrowing the YTD net sales to -Rp56.5tn. This outperformance came against a weaker regional backdrop, as most Asian markets closed lower: the Hang Seng Index with -0.37% and the Nikkei Index with -1.45% due to profit-taking.<\/p>\n\n\n\n
In the bond market, INDOGB yields fell across the curve, supported by Rp1.58tn in net foreign inflows, mainly into non-benchmark series. According to Bloomberg, the 5-yr FR104 closed at 102.77 (5.84%, -1.2 bps), the 10-yr FR103 at 6.80% (-2.5 bps), the 15-yr FR106 at 103.67 (6.73%, -1.1 bps), and the 20-yr FR107 at 103.61 (6.79%, -1.1 bps). Moreover, offshore sentiment improved, with the 5Y USD global bond yield down to 4.41% (-3.5 bps) and the CDS tightening to 69.09 bps. The rupiah strengthened for a second straight day, appreciating by +0.53% to Rp16,105\/USD (YTD: +0.02%).<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity moderated on Thursday (14-Aug), with total volume declining to Rp27.1tn (vs. Rp45.9tn on 13-Aug). The figure fell below both the prior week s daily average of Rp35.8tn and the 2025 year-to-date (YTD) daily average of Rp30.5tn, yet remained comfortably above the 2024 daily average of Rp21.7tn. The 10-yr FR0103 series (maturing on 15-Jul-35) led market flows, recording a trading volume of Rp3.9tn. Its price slipped to 101.00 (-0.88%), driving the yield higher to 6.61% (+12.36 bps). This was followed by the 5-yr FR0104 series (maturing on 15-Jul-30), which booked a trading volume of Rp2.4tn (vs. Rp5.3tn previously). The bond s price edged up to 102.81 (+0.26%), resulting in a modest yield decline to 5.83% (-6.26 bps).<\/p>\n\n\n\n
On the flow side, based on the latest DMO data (as of 12-Aug), foreign ownership in government bonds has increased to Rp940.7tn, or 14.65% of the total outstanding. Year-to-date, Bank Indonesia has been the biggest net buyer of government bonds (amounting to +Rp116tn), followed by onshore banks (+Rp70.2tn), insurance & pension funds (+Rp66.7tn), foreign investors (+Rp64tn), retail investors (+Rp39.3tn), other investors (+Rp18.6tn), and mutual funds (+Rp6.3tn).<\/p>\n\n\n\n
Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n On the corporate side, trading activity weakened further on Thursday (14-Aug), with total volume easing to Rp1.4tn (vs. Rp2.8tn on 13-Aug). The figure stayed below the prior week s daily average of Rp3.7tn and the 2025 YTD average of Rp3.98tn, and also fell short of the 2024 daily average of Rp2.05tn.<\/p>\n\n\n\n The OPPM03B series (maturing on 4-Nov-25), rated idA+, led the segment with a trading volume of Rp179bn. Its price declined to 100.02 (-0.86%), pushing the yield sharply higher to 10.83% (+358.77 bps). This was followed by the LPPI03BCN1 series (maturing on 4-Oct-29), rated idA+, which recorded a trading volume of Rp162bn. The bond s price inched up to 108.55 (+0.29%), sending the yield lower to 8.52% (-8.54 bps).<\/p>\n\n\n\n Pefindo has assigned idAAA rating with a stable outlook to PT Bank Tabungan Negara (Persero) Tbk (Bank BTN). According to Pefindo, the rating is mainly driven by BTN s very strong likelihood of support from the government. Meanwhile, the Bank s standalone credit profile reflects its very strong business position as well as very strong liquidity and financial flexibility, although constrained by its below-average asset quality and moderate profitability indicators.<\/p>\n\n\n\n <<read more pdf file>><\/strong><\/a><\/p>\n\n\n\n Handy Yunianto<\/strong><\/p>\n\n\n\n <\/a>handy.yunianto@mandirisekuritas.co.id<\/a><\/p>\n\n\n\n Ariestya Putri Adhzani<\/strong><\/p>\n\n\n\n <\/a>ariestya.adhzani@mandirisekuritas.co.id<\/a><\/p>","protected":false},"excerpt":{"rendered":" Rupiah-denominated assets posted another day of gains on Thursday, with the JCI climbing +0.49% to 7,931.25 (YTD: +12.8%) despite a […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[7],"tags":[],"class_list":["post-5704","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/comments?post=5704"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5704\/revisions"}],"predecessor-version":[{"id":5705,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5704\/revisions\/5705"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=5704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=5704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=5704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}