Breaking: IHSG Plunges Over 3%, 590 Stocks in the Red

The Jakarta Composite Index (IHSG) suddenly plunged after opening significantly higher on Wednesday (24/6/2026), following MSCI’s announcement that it would maintain Indonesia’s capital market in the emerging market category. In intraday trading during the second session as of 15:05, the IHSG had plummeted 3.07% or 186 points to 5,915.27. The index moved within a range of a high of 6,171 and a low of 5,899. Trading value ahead of the market close was thin, reaching only Rp 11.26 trillion, with a volume of 20.44 billion shares changing hands across 1.66 million transactions. A total of 99 stocks advanced, 590 declined, and 121 remained unchanged. The most actively traded stocks were TPIA, BBCA, DSSA, BBRI, and BMRI. According to Refinitiv data, all sectors weakened, with the deepest corrections recorded in basic materials, energy, and healthcare. Large-cap blue-chip stocks and those affiliated with conglomerate business groups weakened significantly. Specific stocks weighing most heavily on the IHSG included MORA, BBRI, BBCA, BRMS, BMRI, AMMN, SMMA, BRPT, ENRG, and BUMI. Market participants are also monitoring several important domestic and international sentiments. The primary sentiment came from the MSCI 2026 Market Classification Review. While Indonesia was retained in the Emerging Market category, MSCI noted concerns from international institutional investors regarding persistent non-transparency in share ownership structures and suspicions of coordinated trading behaviour. MSCI acknowledged recent transparency reforms announced by the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), and the Indonesian Central Securities Depository (KSEI). These include enhanced disclosure for shareholders with ownership above 1%, more detailed investor classification, the introduction of a High Shareholding Concentration framework, and a roadmap to increase the minimum free float requirement to 15%. However, MSCI stated that consistent implementation and sustained effects are crucial for international investors. The index provider warned that if sufficient progress is not observed by the November 2026 MSCI Index Review, it will consider various options for the appropriate treatment of the Indonesian market, potentially including a consultation on reclassification from Emerging Market to Frontier Market status. Meanwhile, Asia-Pacific markets opened mixed as investors assessed whether a rebound in technology stocks could stabilise sentiment following a heavy sell-off on Wall Street that dragged regional markets the previous day.