Indonesian Stocks Near Record High, Unfazed by Foreign Selling

Indonesian stocks are closing in on an all-time high as booming domestic demand offsets a deluge of foreign outflows.

Foreign investors have sold a net $3.8 billion in local shares so far this year, on track for their largest annual outflow ever, according to Bloomberg-compiled data. Despite the exodus, the Jakarta Composite Index has rallied 26% from an April low and is approaching its record high set in September.