The relatively high liquidity of Akasha Wira International Tbk., with a market capitalization of IDR 9T, Aneka Tambang Tbk with IDR 93.48T, Baramulti Suksesarana Tbk with IDR 10.18T, Bukalapak.com Tbk with IDR 14.23T, Cita Mineral Investindo Tbk., with IDR 17.35T, Puradelta Lestari Tbk., with IDR 6.46T and Elang Mahkota Teknology Tbk., with IDR 52.52T. on the Indonesia Stock Exchange (IDX) as of 10 February 2026, can be explained by a combination of market microstructure factors, investor behavior, and sectoral economic narratives. Liquidity in capital markets refers to how easily a stock can be bought or sold without causing large price changes. Two major contributors are market capitalization and investor accessibility. Larger companies generally attract more trading because they are perceived as safer and more stable. Institutional investors, such as mutual funds and pension funds, tend to prefer medium- to large-capitalization firms, thus increasing trading volume. Companies such as Aneka Tambang (ANTM), EMTK, and Bukalapak fall into this category: they have sufficiently large market value and visibility, making them suitable for institutional portfolio allocation and index-tracking funds. When funds rebalance portfolios, these stocks experience frequent transactions, improving liquidity.

Another factor is free float and regulatory structure. Indonesian regulators and global index providers emphasize tradability and publicly available shares. Recently, regulators proposed increasing minimum free-float levels to about 15% and improving shareholder transparency to enhance market investability and trading activity.  Stocks with broader public ownership naturally trade more because more investors can participate. High-profile listed firms, including technology and state-linked companies, usually meet, or are pressured to meet, these standards, which encourage higher trading volume and tighter bid-ask spreads. Sectoral positioning also plays a large role. Liquidity increases when a company aligns with a dominant economic theme. Mining-related companies such as ANTM, BSSR, and CITA are tied to global commodity cycles and Indonesia’s resource industrialization. Commodity prices, energy transition demand, and battery-material supply chains create a constant news flow and speculative interest.

In contrast, consumer and digital economy firms—such as ADES and BUKA—benefit from Indonesia’s domestic consumption and digitalization story. For instance, ADES produces bottled water, soy milk, and personal-care products for Indonesian consumers, while Bukalapak represents the e-commerce platform economy. These sectors attract both long-term investors and short-term traders, increasing turnover. A different liquidity driver is investor attention and information flow. Technology and media companies like EMTK and Bukalapak receive constant public coverage because they are connected to the digital economy, startups, and venture investments. Stocks with frequent information releases, such as earnings announcements and industry trends, are traded more actively because investors continuously update expectations. Liquidity in emerging markets is often information-driven, which leads to herding behaviour and, in turn, to speculative trading. Property developer Puradelta Lestari (DMAS) demonstrates another liquidity channel: macroeconomic sensitivity. Real estate and industrial estate companies move with interest rates, infrastructure expansion, and manufacturing investment. Industrial estates are closely linked to foreign direct investment and the relocation of global manufacturing into Indonesia. Whenever investors revise expectations about economic growth, interest rates, or industrial relocation, they adjust their holdings of property-related stocks, thereby increasing trading activity. Finally, liquidity is also affected by investor composition and trading behavior. Indonesia’s stock market has a strong presence of retail investors alongside foreign institutions. During periods of volatility or policy change, trading activity increases because retail investors actively speculate, while institutions rebalance portfolios.