Issuers Indicated as HSC Will Not Enter Main Index

The Indonesia Stock Exchange (IDX) has determined that issuers falling into the high shareholding concentration (HSC) category will not be included in the main indices. This provision was established after the exchange added a new criterion, the price impact ratio, to the HSC calculation methodology. “We have also decided 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 main indices,” said IDX President Director Jeffrey Hendrik during a press conference at his office in Jakarta on Tuesday, 14 July 2026. Nevertheless, he emphasised that the inclusion of certain shares in the HSC category does not automatically indicate a violation of capital market regulations. The nearest main index evaluation will take place at the end of July and will be effective from the beginning of August. This evaluation will be conducted periodically every three months. The IDX announced that with the addition of the price impact ratio criterion, there are 37 new issuers on the HSC list. Consequently, the total number of shares with high shareholding concentration has increased to 51. The price impact ratio criterion only applies 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 result in low velocity. “With low velocity but a large price change, it will certainly produce a high price impact ratio,” said Jeffrey.