Monthly Market Summary March 2026

In March 2026, the State Budget (APBN 2026) recorded a deficit of IDR 240 trillion. Government spending has reached 12.85% of the target (IDR 493.8 trillion), inflation declined to 3.5% YoY, and the PMI remained in expansionary territory at 50.1. Indonesian government bonds (SUN) denominated in Rupiah experienced significant pressure, with the index declining 2.1% on a MTD basis. USD-denominated Indonesian government bonds posted weaker performance. From a valuation perspective, the sovereign risk premium has started to look more attractive compared with its historical average. JCI (IHSG) corrected by 14.41%, and foreign capital flows year-to-date as of the end of March 2026 recorded net outflows of IDR 32 trillion. One of the key triggers behind these outflows was the persistently high level of global uncertainty, particularly related to energy shocks and uncertainties arising from geopolitical risks. See more at the Monthly Market Summary for March 2026 above.