IHSG Slumps More Than 3%, Drops to Around the 6,300 Level

Jakarta, CNBC Indonesia - The Jakarta Composite Index (IHSG) fell sharply ahead of the close of the first trading session on Tuesday 19 May 2026. As of 11:45 WIB, the IHSG slid 3.13% or 200 points to 6,398.78. A total of 569 stocks declined, 134 rose, and 110 were unchanged. The value of transactions was relatively brisk, at Rp 13.85 trillion, involving 24.77 billion shares across 1.6 million trades. The sharp correction today continued the downturn seen in yesterday’s trade. On Monday, the IHSG had fallen more than 4%, but managed to pare losses to -1.85% at the close. Citing Refinitiv, almost all sectors were in the red, with the exception of health. Raw materials fell the most, by 7.4% amid sharp corrections in shares of Prajogo Pangestu’s issuers. Chandra Asri (TPIA), down 15%, was the main drag, subtracting 11.16 points. This was followed by Amman Mineral (AMMN) -10.94 points, Mora Telematika (MORA) -8.97 points, and Dian Swastatika Sentosa (DSSA) -7.5 points. As information, three of the four stocks were among those that had been dropped from MSCI indices. The IHSG’s pressure was driven by stocks removed from the MSCI Global Standard Index and MSCI Global Small Cap Index since the weekend. The IHSG’s weakness was further compounded by announcements from other global index providers, FTSE, which also spoke about the future of Indonesian shares in its indices. In FTSE’s latest announcement titled ‘Index Treatment for the June 2026 Index Review’ released on Wednesday 13 May 2026, FTSE signaled a hard stance regarding the potential removal of shares with high ownership concentration (HSC) on the Indonesia Stock Exchange (BEI). The latest FTSE rule followed the Indonesian authorities’ efforts to increase transparency, including publication of a High Shareholding Concentration (HSC) list. In the document, FTSE Russell stated that if a company becomes the subject of an ownership concentration warning from the exchange and financial authorities, where the outstanding shares are owned by a handful of parties, the shares will be removed from the index at the next review. ‘To ensure the integrity and replicability of the indices, FTSE Russell will remove affected securities at zero price at the June 2026 review, effective from market opening on Monday, 22 June 2026,’ the official announcement said. The ‘zero price’ policy was introduced because FTSE assesses that liquidity of HSC shares tends to deteriorate materially. Institutional investors managing passive funds are concerned they may not find sufficient counterparty if they have to exit such shares abruptly. The IHSG also faced pressure as the rupiah weakened. The rupiah even breached a new psychological level. According to Refinitiv data, as of 09:13 WIB, the rupiah weakened 0.34% to Rp17,700 per US.Theweaknesscontinuedaftertherupiahopenedweakeratthestartoftrading.Atthemorningsession′sopening, therupiahstoodatRp17, 650perUS, down 0.06%. The pressure on the rupiah came despite the US dollar index (DXY) being observed to weaken. The DXY fell 0.11% to 99.094.