IHSG Breaks Through 6,300! Indonesian Stocks Fall Across the Board

The Jakarta Composite Index (IHSG) came under sharp pressure again in today’s trading. As the session entered the second half, the IHSG fell by 4.11% or 270.91 points to the 6,328.28 level, trimming its market capitalisation by Rp415 trillion to Rp11,137 trillion compared with the previous day. The weakness left the IHSG at its lowest level in more than a year. During the session, 661 shares were in the red, 74 rose and 80 were unchanged. Transaction value amounted to Rp17.72 trillion, with a trading volume of 33.36 billion shares across 2.04 million trades. This sharp correction continued a weakness trend that had already been under way since the start of the week. In Monday trading (18 May 2026), the IHSG had briefly fallen by more than 4% before trimming losses and closing down 1.85%. Quoting Refinitiv data, nearly all sectors were in the red, with the health sector the exception. The basic materials sector was the most pressured, down 8.4%, driven by heavy selling in shares of Prajogo Pangestu9;s listed companies. Shares of PT Ekamas Fortuna (MORA) were the main drag on the IHSG after falling 11.41% and contributing a negative 13.45 points to the index. Next were PT Chandra Asri Pacific Tbk (TPIA) at -11.16 points, PT Amman Mineral International Tbk (AMMN) -10.63 points, PT Bank Central Asia Tbk (BBCA) -9.37 points, and PT Dian Swastatika Sentosa Tbk (DSSA) -9.26 points. The pressure on the domestic stock market was triggered by the removal of several stocks from the MSCI global indexes. Three of the IHSG’s five biggest drags were among stocks removed from the MSCI Global Standard Index or the MSCI Global Small Cap Index. Negative sentiment also came from FTSE Russell, which issued warnings regarding shares with high ownership concentration (HSC) in BEI. In the document “Index Treatment for the June 2026 Index Review” released on 13 May 2026, FTSE stated that securities with overly concentrated ownership could be removed from the index at the next review. FTSE Russell emphasised that HSC securities would be treated as zero-priced in the index calculation at the June 2026 review, effective from the market open on 22 June 2026. The policy is aimed at safeguarding index integrity and liquidity, particularly to protect institutional investors managing passive index funds. Separately, the pressure on the IHSG was further magnified by a weaker rupiah. According to Refinitiv data at 12:49 WIB, the rupiah weakened 0.51% to Rp17,730 per US dollar, after opening at Rp17,650 per dollar earlier in the session.