Rupiah-denominated assets ended August on a weaker note. The JCI dropped by -1.53% to 7,830.49 (MTD: +4.60%, YTD: +11.52%), pressured by political instability and widespread demonstrations. The market turnover spiked to Rp22.7tn (vs. Rp14.3tn YTD average) as foreign investors extended their selling with -Rp1.1tn of net outflows (MTD: +Rp11.1tn, YTD: -Rp50.9tn). Regionally, equity markets diverged, with Japan s Nikkei 225 Index slipping by -0.26% to 42,718.47 (MTD: +4.05%, YTD: +8.76%) due to profit-taking and weak data, while Hong Kong s Hang Seng index rebounded by +0.32% to 25,077.62 (MTD: +1.32%, YTD: +24.80%) amid optimism about Fed rate cuts and domestic growth measures.<\/p>\n\n\n\n
INDOGB yields rose across the curve, led by short-to-medium tenors. According to Bloomberg, the 5-yr FR104 closed at 103.28 (yield: 5.72%, +9.2 bps), the 10-yr FR103 at 102.95 (yield: 6.34%, +4.5 bps), the 15-yr FR106 at 103.90 (yield: 6.71%, +3.7 bps), and the 20-yr FR107 at 103.13 (yield: 6.84%, +2.2 bps). On USD debts, the 5-yr global bond (Mar-2031) fell to 87.38 (yield: 4.45%, +2.9 bps), while the 5-yr CDS widened significantly to 69.79 bps (+3.43 bps). Meanwhile, the rupiah weakened against the USD, depreciating by -0.71% to Rp16,456\/USD (MTD: -0.02%, YTD: -2.14%).<\/p>\n\n\n\n
According to IDX s OTC trading report, Indonesian government bond trading activity heightened on Friday (29-Aug), with total volume rising to Rp39.0tn (vs. Rp30.6tn on 28-Aug). Despite the increase, the figure remained slightly below the current week s daily average of Rp41.1tn; however, it surpassed the 2025 year-to-date (YTD) daily average of Rp31.3tn and stayed well above the 2024 daily average of Rp21.7tn. The 5-yr FR0104 series (maturing on 15-Jul-30) continued to dominate market flows, booking Rp9.1tn in trading volume (vs. Rp6.5tn previously). Its price slipped to 103.20 (-0.29%), driving the yield higher to 5.74% (+6.95 bps). This was followed by the 10-yr FR0103 series (maturing on 15-Jul-31), which recorded Rp5.3tn in trading volume (vs. Rp2.9tn previously). The bond s price climbed to 102.70 (+1.18%), bringing the yield down to 6.38% (-16.41 bps).<\/p>\n\n\n\n
On the flow side, based on the latest DMO data (as of 28-Aug), foreign ownership of government bonds improved to Rp953.1tn (14.86% of outstanding). YTD, BI has been the largest net buyer (+Rp128.8tn), followed by onshore banks (+Rp82.6tn), foreign investors (+Rp76.4tn), insurance and pension funds (+Rp40.3tn), retail (+Rp28.2tn), other investors (+Rp10.6tn), and mutual funds (+Rp7.7tn).<\/p>\n\n\n\n
For the week, equities slipped -0.34% (vs. -0.49% prior), the 10-yr INDOGB yield rose slightly by +0.5 bps (vs. -3.4 bps prior), the USD-denominated Indonesian bond yield gained +1.2 bps (vs. +3.4 bps prior), and the rupiah weakened by -0.68% (vs. -1.17% prior). Interestingly, foreign inflows were recorded in both equities (+Rp1.49tn) and bonds (+Rp4.84tn).<\/p>\n\n\n\n
Meanwhile, over the week, average daily trading volume in government bonds rose further to Rp41.1tn (vs. Rp39.0tn in the prior week). The 5-yr FR0104 series remained the most actively traded benchmark, although its total weekly volume eased slightly to Rp31.3tn (vs. Rp32.0tn previously).<\/p>\n\n\n\n
Domestic Corp Bond Market<\/p>\n\n\n\n
On the corporate side, trading activity continued to decline on Friday (29-Aug), with total volume falling to Rp2.3tn (vs. Rp4.7tn on 28-Aug). The figure stood below both the current week s daily average of Rp4.1tn and the 2025 YTD average of Rp3.93tn, though it remained higher than the 2024 daily average of Rp2.05tn.<\/p>\n\n\n\n
The BBKP02BCN2 series (maturing on 29-Aug-28), rated AAA(idn), debuted on the secondary market as the most actively traded, posting Rp761bn in volume. Its price was transacted at 100.00, yielding 6.80%. This was followed by the BBKP02ACN2 series (maturing on 9-Sep-26), rated AAA(idn), also debuted in the secondary market, which recorded Rp169bn in trading volume at 99.93, yielding 6.52%.<\/p>\n\n\n\n
Over the week, average daily corporate bond trading volume rose significantly to Rp4.1tn (vs. Rp3.1tn in the prior week). The 1-yr SMMBMA01ACN2 series (maturing on 27-Aug-26), rated idA(sy), emerged as the most actively traded corporate bond, registering a total weekly volume of Rp1,244bn.<\/p>","protected":false},"excerpt":{"rendered":"
Rupiah-denominated assets ended August on a weaker note. The JCI dropped by -1.53% to 7,830.49 (MTD: +4.60%, YTD: +11.52%), pressured […]<\/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-5789","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5789","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=5789"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5789\/revisions"}],"predecessor-version":[{"id":5790,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/5789\/revisions\/5790"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=5789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=5789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=5789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}