IHSG's First Session Closes Down 3%, Not Just Because of MSCI Stocks

Jakarta, CNBC Indonesia — The Jakarta Composite Index (IHSG) closed the first trading session down 3.08% on Tuesday, 19 May 2026. The index fell by 202.97 points to 6,396.27, with market capitalisation slumping by Rp 402 trillion from yesterday to Rp 11.137 trillion.

A total of 639 issuers finished in the red, 217 unchanged, and 103 gained. Turnover reached Rp 15.11 trillion, with 26.12 billion shares traded across 1.71 million transactions.

Today’s sharp correction continued the weakness from yesterday’s trading. On Monday, IHSG had fallen more than 4% at one point, but managed to pare losses to close down 1.85%.

According to Refinitiv, nearly all sectors were in the red, with healthcare the sole exception. The basic materials sector fell the most, down 8.4%, amid a sharp correction in shares of Prajogo Pangestu’s group.

Ekamas Mora Republik (MORA) fell 11.41%, becoming the main drag with a contribution of -13.45 points. It was followed by Chandra Asri (TPIA) -11.16 points, Amman Mineral (AMMN) -10.63 points, Bank Central Asia (BBCA) -9.37 points, and Dian Swastatika Sentosa (DSSA) -9.26 points.

For information, three of the five were among those removed from the MSCI index. The biggest pressure on IHSG since the weekend came from stocks removed from the MSCI Global Standard Index and MSCI Global Small Cap Index.

IHSG pressure was further compounded by announcements from other global index providers, FTSE, which weighed in on the future of Indonesian stocks included in its indices.

In the latest FTSE announcement titled “Index Treatment for the June 2026 Index Review” released on Wednesday (13/5/2026), FTSE signalled a hard line on potential delisting of stocks with high shareholding concentration (HSC) in the Indonesia Stock Exchange (BEI).

The new FTSE policy on a zero price was adopted because FTSE judges HSC liquidity to deteriorate materially. Institutional index fund managers fear they will not find enough buyers if they must exit these stocks suddenly.

IHSG also faced pressure as the rupiah weakened. The rupiah even breached a new psychological level.

According to Refinitiv data, as of 12.49 WIB, the rupiah weakened 0.51% to Rp17,7730/US$.

This weakness persisted after the rupiah opened weaker at the start of trading. At the morning open, the rupiah traded at Rp17,650/US$ or down 0.06%.