FTSE Russell Keeps Indonesia in Secondary Emerging Market as IHSG Surges 5.82%

JAKARTA, Investortrust.id — Global index provider FTSE Russell maintained Indonesia's classification as a Secondary Emerging Market and kept the country off its Watch List, commending domestic authorities for advancing capital market transparency and integrity reforms.

The endorsement coincided with a broad rally on the Indonesia Stock Exchange (IDX), where the benchmark Jakarta Composite Index (IHSG) climbed 5.82% over the week to close at 5,344.406 as foreign investors returned as net buyers.

FTSE Russell Commends Market Reforms, Defers Major Index Changes

In an official announcement on Friday (11/13/2026), FTSE Russell recognized positive developments in Indonesia's capital market overhaul, specifically highlighting regulatory efforts to strengthen market transparency and transaction integrity. The index provider said it continues to maintain active communication with Indonesian market authorities and stakeholders.

However, FTSE Russell stated that it requires additional time to evaluate the effectiveness of the newly implemented policies. Its ongoing assessment covers improvements in shareholder data transparency, strengthened transaction monitoring and surveillance criteria, and consistent enforcement of market rules.

Consequently, FTSE Russell will keep its treatment of Indonesian equities unchanged during the December 2026 index review, maintaining the same approach applied in September 2026. Routine adjustments—such as industry classification updates, share count revisions, and deletions of constituents that no longer meet eligibility criteria—will proceed as scheduled.

Meanwhile, major index modifications remain postponed until at least the March 2027 review. These deferred changes include the addition of new securities—such as shares from initial public offerings (IPOs)—free float increases, and certain market capitalization segment adjustments. The extended observation window allows FTSE Russell to conduct a more comprehensive assessment of Indonesia's structural reforms, governance, and investor protection measures ahead of next year's review.

IHSG Rallies 5.82% as Daily Turnover Doubles

On the domestic bourse, the IHSG gained 293.977 points, or 5.82%, to reach 5,344.406, up from 5,050.429 the previous week. Total market capitalization on the IDX rose by Rp 303 trillion, or 3.47%, to Rp 9,047 trillion from Rp 8,744 trillion a week earlier.

Trading activity expanded sharply alongside the index rally. Average daily transaction value more than doubled, surging 114.64% to Rp 23.698 trillion compared with Rp 11.041 trillion in the prior week. Average daily trading volume rose 3% to 32.230 billion shares from 31.291 billion shares, while average daily transaction frequency increased 3.85% to 1.339 million trades from 1.290 million trades.

Large-cap stocks anchored the benchmark's advance. State-owned lender PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) was the largest index contributor, rising 8.90% with a free-float market capitalization (MCFF) of Rp 176.94 trillion to add 42.10 points to the IHSG. PT Bank Central Asia Tbk (BBCA) ranked second, climbing 5.77% with an MCFF of Rp 178.22 trillion to contribute 28.22 points, while conglomerate PT Astra International Tbk (ASII) jumped 10.00% with an MCFF of Rp 95.63 trillion, adding 25.28 points.

Foreign Investors Return to Net Buying

The weekly rally was supported by renewed foreign capital inflows. Foreign investors recorded a net buy of Rp 462.73 billion, equivalent to $25.48 million, reversing the previous week's net sell of Rp 167.11 billion, or $9.19 million. Total foreign purchases reached Rp 22.781 trillion against foreign sales of Rp 22.318 trillion.

Foreign inflows were concentrated in major blue-chip equities, led by BBCA with a net buy of Rp 827.15 billion, followed by ASII at Rp 539.21 billion, BBRI at Rp 380.49 billion, PT Capital Financial Indonesia Tbk (CASA) at Rp 55.43 billion, and PT Indah Kiat Pulp & Paper Tbk (INKP) at Rp 54.38 billion.

Conversely, foreign investors recorded their largest net outflows in PT Telkom Indonesia (Persero) Tbk (TLKM) at Rp 187.13 billion, PT Barito Pacific Tbk (BRPT) at Rp 184.61 billion, PT Barito Renewables Energy Tbk (BREN) at Rp 143.97 billion, PT GoTo Gojek Tokopedia Tbk (GOTO) at Rp 121.48 billion, and PT Rukun Raharja Tbk (RAJA) at Rp 95.21 billion.