Issuers Indicated as HSC Will Not Enter Main Index

The Indonesia Stock Exchange (IDX) has determined that issuers classified in the high shareholding concentration (HSC) category will not be included in the main indices. This rule was set after the exchange added a new criterion, the price impact ratio, to the HSC calculation methodology.

“We have also determined that all shares in the high shareholding concentration category will not be included in the exchange’s main indices such as LQ45, IDX30 and other key indices,” said IDX Chief Executive Officer Jeffrey Hendrik at a press conference at his office in Jakarta on Tuesday, 14 July 2026. Nevertheless, he stressed that the inclusion of certain shares in the HSC category does not automatically indicate a violation of capital market regulations.

The next evaluation of the main indices will take place at the end of July and take effect in early August. This evaluation will be conducted periodically every three months.

The IDX announced that with the addition of the price impact ratio criterion, 37 new issuers have entered the HSC list, bringing the total number of shares with high ownership concentration to 51. The price impact ratio criterion applies only to issuers with a market capitalisation above Rp 10 trillion.

Jeffrey explained that the price impact ratio is the ratio of a share’s price change to its velocity. Velocity is the comparison between the average transaction volume and the number of shares available to the public, or free float. Shares with low transaction volume will produce low velocity. “Low velocity combined with a large price change will naturally produce a high price impact ratio,” said Jeffrey.