According to Mirae Asset Securities Indonesia, foreign net selling of Indonesian stocks reached $110.9 million on Thursday, marking the highest level since June 19, with the selling pressure primarily targeting shares of Bank Central Asia and Bank Rakyat Indonesia.

Ruly Arya Wisnubroto, head of research at Mirae Asset Sekuritas Indonesia, noted in a report that the disposal of these two banking stocks largely reflects "profit-taking actions following the accumulation of positions in the earlier period."

In contrast, foreign investors have continued to increase their holdings in ANTM, Adaro Energy, Pertamina Geothermal Energy, and Bukit Asam, which "indicates that foreign funds are only partially rotating into the commodities sector, rather than staging a full-scale exit from the Indonesian market."

Data from Stockbit Securities shows that during Friday's morning trading session, foreign net selling amounted to 428.96 billion Indonesian rupiah (approximately $24.36 million).

Dragged down by losses in the technology and energy sectors, the Jakarta Composite Index fell as much as 1.9% on Friday.