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%.<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
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).<\/p>\n\n\n\n
Domestic Corp Bond Market<\/strong><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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).<\/p>","protected":false},"excerpt":{"rendered":" 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: […]<\/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-6498","post","type-post","status-publish","format-standard","hentry","category-market-research"],"_links":{"self":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6498","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=6498"}],"version-history":[{"count":1,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6498\/revisions"}],"predecessor-version":[{"id":6499,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/posts\/6498\/revisions\/6499"}],"wp:attachment":[{"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/media?parent=6498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/categories?post=6498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/himdasun.or.id\/en\/wp-json\/wp\/v2\/tags?post=6498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}