Jakarta. Indonesian stocks plunged more than 3% by midday Tuesday as heavy foreign selling and investor concerns ahead of MSCI’s upcoming index review weighed on the domestic market.

Foreign investors recorded a net sell of Rp 831.5 billion ($45.79 million) during the morning session, according to a market note from BRI Danareksa Sekuritas. Foreign purchases totaled Rp 1.6 trillion, while sales reached Rp 2.4 trillion.

Bank Rakyat Indonesia (IDX: BBRI) faced the largest foreign outflows, with net selling amounting to Rp 173.4 billion. Telkom Indonesia (TLKM) followed with Rp 95.7 billion, Antam (ANTM) with Rp 69.4 billion, and Bumi Resources (BUMI) with Rp 59.9 billion.

On the buying side, Bank Syariah Indonesia (BRIS) recorded the largest foreign net purchases at Rp 37.8 billion. Bank Mandiri (BMRI) followed with Rp 27.8 billion, while Bank Negara Indonesia (BBNI) attracted Rp 16.6 billion in net foreign buying.

BRI Danareksa Sekuritas said investors were positioning themselves ahead of MSCI’s Index Review scheduled for Nov. 11–12, 2026. The review has drawn market attention because it could change the list of constituent stocks and their respective weightings in the index.

Investors were also awaiting Tuesday’s meeting of the Financial System Stability Committee (KSSK), which is expected to address volatility in the capital market, rupiah weakness and broader financial system stability.

Externally, BRI Danareksa Sekuritas highlighted volatility in global oil prices amid developments in relations between the United States and Iran.

On Monday, Brent crude fell 7.6% to $104.77 per barrel, while West Texas Intermediate (WTI) dropped 7.3% to $96.46 per barrel, as hopes grew for peace negotiations between Washington and Tehran through Qatari mediation.

Oil prices, however, climbed back to around $105 per barrel on Tuesday following reports of US strikes on Iran’s Qeshm Island.

Meanwhile, China’s manufacturing Purchasing Managers’ Index (PMI) reached 52 in October, exceeding market expectations of 51.6, although easing from 52.1 in September. Production expanded at its fastest pace in six months, indicating that manufacturing activity remained in expansionary territory.

Markets were also watching the US midterm elections on Nov. 3, 2026. The results could reshape the composition of Congress and influence the direction of President Donald Trump’s administration policies.

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