Auto-Reject Limit Cut to 7%, 351 Shares Hit Lower Limit Today
Jakarta, CNBC Indonesia — A total of 351 shares on the Indonesia Stock Exchange (IDX) were locked at the lower auto-reject limit (ARB) in trading on Monday (19 October 2026). This was the first day the new ARB limit of 7% took effect.
According to IDX data compiled by CNBC Indonesia, the 351 shares represented around 36% of the 963 stocks listed on the exchange. Their combined market capitalisation was approximately Rp3,197 trillion.
Several large-cap shares were among those at the ARB limit. PT Bank Central Asia Tbk (BBCA) fell 6.86% to Rp4,820 per share, with a market capitalisation of Rp588.24 trillion—the largest among the shares at the limit that day.
It was followed by PT Bayan Resources Tbk (BYAN), down 6.95% to Rp10,375, and PT Amman Mineral Internasional Tbk (AMMN), which fell 6.95% to Rp3,480. PT Telkom Indonesia (Persero) Tbk (TLKM) weakened 6.84% to Rp1,770, while PT Ekamas Mora Republik Tbk (MORA) dropped 6.91% to Rp3,640.
A number of other large companies also hit the ARB limit, including PT Chandra Asri Pacific Tbk (TPIA), PT Indofood CBP Sukses Makmur Tbk (ICBP), PT Bumi Resources Minerals Tbk (BRMS), PT Petrindo Jaya Kreasi Tbk (CUAN) and PT Merdeka Copper Gold Tbk (MDKA).
The 20 largest shares at the ARB limit had a combined market capitalisation of around Rp2,302 trillion, or about 72% of the total market capitalisation of all shares at the limit that day.
Shares in PT GoTo Gojek Tokopedia Tbk (GOTO) were also held at the lower limit, falling Rp1 to Rp24 per share. GOTO was the most actively traded stock, with a volume of 9.56 billion shares; a sell queue of around 1.2 billion shares remained at the close.
Overall, IDX data showed that 691 shares fell, 103 rose and 169 were unchanged.
ARB cut to 7%
With support from the Financial Services Authority (OJK), the IDX cut the lower auto-reject limit for shares from 15% to 7% under an asymmetric system. The measure is set out in IDX Board of Directors Decree No. Kep-00157/BEI/10-2026 on amendments to Regulation II-A concerning the trading of equity securities.
The policy applies from 19 October to 31 December 2026. The IDX will review it in light of market conditions.
The move followed a 11.57% plunge in the Jakarta Composite Index (JCI) on Friday (16 October 2026). The fall coincided with an announcement by MSCI that it was considering moving Indonesia to the standalone-market classification.
IDX President Director Jeffrey Hendrik said the policy had been fairly effective in easing market panic during the first trading session that day. Selling pressure remained, he said, but investor panic had eased compared with the previous Friday.
“The first session was quite effective in easing market panic,” Jeffrey told reporters at the IDX building on Monday (19 October 2026).
Jeffrey added that the market could still fall. However, he said, any decline was expected to take place through orderly trading mechanisms and on the basis of information available equally to all investors.
JCI pares losses
The JCI closed down 188.49 points, or 3.64%, at 4,996.61. It had earlier plunged as much as 5.36% to an intraday low of 4,907.37, before paring its losses and briefly recovering above the psychological 5,000 level.
Trading value totalled Rp25.13 trillion, with a volume of 34.07 billion shares. All sectors fell, with the steepest losses in basic materials, consumer non-cyclicals, technology and financials.
BBCA, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), BYAN, TLKM and AMMN were the biggest drags on the index.
Pressure on the share market continued to be driven by news that MSCI was considering moving Indonesia out of the emerging-market category to standalone status. Goldman Sachs estimated that passive fund outflows could reach US$5.6 billion, or around Rp100.8 trillion, if Indonesia were removed from MSCI indices.
Foreign investors have recorded net sales of Indonesian shares totalling US$4.88 billion, or about Rp87.84 trillion, so far in 2026.