Capital Market Reform: A Crucial Momentum

JAKARTA. The Composite Stock Price Index (IHSG) has experienced high volatility. It began on 28 January 2026 when MSCI imposed an interim freeze on adding constituents and increasing the weight of Indonesian stocks, including cancelling the February 2026 review. MSCI highlighted concerns over Indonesia’s accessibility and investability. MSCI is worried about the lack of transparency in Indonesia’s public share ownership (free float) data. Unclear ownership structures, particularly in potentially affiliated companies, have raised concerns about high shareholding concentration (HSC) and potential coordinated trading. All of this disrupts fair price formation.