IDX to Remove 80 HSC Stocks from the Composite Index

JAKARTA — The Indonesia Stock Exchange (IDX) will exclude all stocks with high shareholding concentration (HSC) from the calculation of the Jakarta Composite Index (JCI). According to confirmation from the IDX, 80 stocks are currently classified as HSC.

IDX President Director Jeffrey Hendrik said the policy aims to provide a more representative picture of the JCI’s movements and strengthen the integrity of Indonesia’s capital market. “Going forward, all stocks with high shareholding concentration will also be excluded from the JCI calculation. They can still be traded, but their price movements will not affect the JCI,” Jeffrey told reporters on Monday afternoon (19 October 2026).

Jeffrey stressed that the policy does not mean HSC stocks will be removed from the exchange or delisted. They will remain tradable, but changes in their prices will no longer affect the JCI.

According to Jeffrey, HSC stocks currently account for around 18 per cent. They had previously been removed from several leading indices, including the IDX30, LQ45 and IDX80.

In addition to the HSC policy, the IDX is preparing an initiative to disclose whether shareholders with stakes of at least 1 per cent are affiliated or unaffiliated when publishing their names. Jeffrey said both initiatives are expected to improve transparency and the integrity of market data. The IDX will announce when they take effect at a later date.

He emphasised that capital market reform is intended to improve the quality of Indonesia’s market, rather than merely meet the requirements of global index providers.

According to the IDX’s HSC announcement on its official website, the listed issuers come from a range of business sectors, including banking, mining and energy, property, food and drink, and agribusiness.

The IDX announcement also includes issuers in industry, manufacturing, trade and services. It covers both the assignment and the revocation of HSC status.