Jakarta. Foreign investors have sold a net Rp 3.12 trillion ($174.7 million) worth of Indonesian stocks this week, a week after Suahasil Nazara was appointed finance minister.

The foreign net sell comprised Rp 3.08 trillion in the regular market and Rp 43.3 billion in the negotiated and cash markets, as of Tuesday.

The sell-off comes as investors assess the direction of fiscal policy following the leadership change at the Finance Ministry, while the Jakarta Composite Index (JCI) has largely traded in negative territory this week.

“Foreign investors recorded a net sell of Rp 503.12 billion in the regular market, bringing cumulative year-to-date foreign net selling to Rp 101.83 trillion,” Kiwoom Sekuritas Head of Research Liza Camelia Suryanata said in a daily research note Tuesday.

The JCI briefly fell more than 1% during the week as most stocks declined, adding to market concerns over domestic and international economic conditions.

Kiwoom Sekuritas advised investors to adopt a more conservative approach and monitor key support levels for the benchmark index.

“Kiwoom Research advises investors to wait and see while monitoring the JCI's ability to remain above 6,377 as a key support area,” Liza said.

The brokerage also recommended that investors with gains consider trailing stops or gradual profit-taking. New purchases should be selective, it said, following a solid rebound and a break above the nearest resistance level.

President Prabowo Subianto appointed Suahasil as finance minister at the State Palace in Jakarta on Sept. 14, replacing Purbaya Yudhi Sadewa for the remainder of the 2024–2029 cabinet term.

The appointment was based on Presidential Decree No. 97/P of 2026. Suahasil had served as deputy finance minister since 2019, including under the Joko Widodo administration and the current Prabowo government.

He is the third finance minister under Prabowo. Purbaya was appointed on Sept. 8, 2025, replacing Sri Mulyani Indrawati.

On the day of Suahasil’s appointment, the JCI recovered after an earlier decline of around 2.5%, but ended the session down 0.10%.

Suahasil has since emphasized continuity in fiscal policy and budget discipline, with the government maintaining its 2026 budget deficit target and keeping the deficit below 3% of gross domestic product (GDP).

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