IHSG Closes Down 3.46%, at Its One-Year Low
Jakarta, CNBC Indonesia — The Jakarta Composite Index (IHSG) fell during trading on Tuesday, 19 May 2026. The IHSG closed at 6,370.68, down 228.56 points or 3.46%. This is the lowest level in a year.
In Session 1, the IHSG moved with high volatility and briefly entered the green zone. However, towards the end of Session 1, the IHSG slumped sharply and failed to rebound.
A total of 647 issuers finished in the red zone. Only 117 issuers rose, and 195 remained unchanged.
Today’s turnover was brisk at Rp 25.71 trillion, with a sizeable foreign dominance. A total of 43.29 billion shares changed hands in 2.77 million trades.
Notably, during Session 1, foreigners posted a net buy of Rp 321.3 billion. Merdeka Copper Gold (MDKA) was the stock with the largest foreign net buy, at Rp 236.1 billion. It was followed by Bank Mandiri (BMRI) Rp 112 billion, Bumi Resources (BUMI) Rp 69.7 billion, Darma Henwa (DEWA) Rp 55.5 billion, and Telkom (TLKM) Rp 52.6 billion. Most of these stocks declined today.
Citing Refinitiv, the stocks removed from the MSCI Global Standard Index continued to fall and contributed a sizable weight to the IHSG’s decline. However, Bank Central Asia (BBCA) shares, down 2.86% today, were the biggest drag on the IHSG with a weight of 16.39 points. Next, the MSCI-deleted stocks, such as Dian Swastatika Sentosa (DSSA), Chandra Asri Petrochemical (TPIA), and Amman Mineral (AMMN), contributed weights of -11.46 points, -11.16 points, and +8.51 points respectively.
TPIA and DSSA were recorded to have fallen to the lower auto-reject limit (ARB) of 15%, while AMMN approached the ARB zone and closed down 8.12%.
The biggest drag on the IHSG since the weekend came from stocks removed from the MSCI Global Standard Index and MSCI Global Small Cap Index.
The IHSG’s pressure was further compounded by announcements from other global index providers, FTSE, which weighed in on the future of Indonesian stocks included in its index.
In the latest announcement titled ‘Index Treatment for the June 2026 Index Review’, released on Wednesday (13 May 2026), FTSE signalled a hard stance regarding the potential removal of stocks with high shareholding concentration (HSC) from the Indonesia Stock Exchange (BEI).
The latest FTSE rule follows efforts by Indonesian market authorities to enhance transparency, including publication of the High Shareholding Concentration (HSC) list.
In the document, FTSE Russell stated that if a company becomes subject to a shareholding concentration warning from the exchange and financial authorities, where the outstanding shares are held by a small number of parties, the stock will be removed from the index at the next review.
‘To ensure the integrity and replicability of the index, FTSE Russell will remove affected securities at zero price in the June 2026 review, effective from market opening on Monday, 22 June 2026,’ the official announcement read.
The ‘zero price’ policy is adopted because FTSE assesses that liquidity of HSC shares tends to deteriorate materially. Institutional investors managing index funds (passive funds) may struggle to find buyers if they have to exit these shares abruptly.
The IHSG was also pressured by the depreciation of the rupiah. The rupiah even breached a new psychological level.
According to Refinitiv, as of 12:49 WIB, the rupiah weakened 0.51% to Rp17,730 per US.Therupiahfinallycloseddown0.31. While slightly retreating from the Rp17,700 per US$ area, this remained the all-time closing low for the rupiah.
Rupiah weakness had been evident since the early trading. At the morning open, the rupiah opened 0.06% weaker at Rp17,650 per US$.
Meanwhile, the US dollar index (DXY), which measures the greenback’s strength against six major world currencies, was observed to be steady. As of 15:00 WIB, the DXY stood at 99.172.