It Turns Out This Is the Cause of the JCI Plunging 1.4% This Morning
Jakarta, CNBC Indonesia — The Composite Stock Price Index (JCI) plunged more than 1% at the start of trading on Monday (11/5/2026), dragged down by selling pressure in big-cap banking and conglomerate stocks.
According to data from the Indonesia Stock Exchange (IDX) as of 09:07 WIB, the JCI dropped 97.41 points or 1.40% to 6,871.99. A total of 419 stocks weakened, while only 173 strengthened and 367 were stagnant.
The JCI briefly rebounded and reduced the correction to -0.4%, but within minutes, it plunged back by more than 1%.
The transaction value as of 09:24 WIB had reached Rp4.28 trillion, with a trading volume of 8.33 billion shares in 613,000 transactions.
Citing Refinitiv, the biggest pressure on the JCI came from jumbo banking stocks. PT Bank Mandiri (Persero) Tbk (BMRI) became the main drag on the index with a contribution to the decline of 27.39 index points. For information, BMRI shares entered the ex-date period today.
Besides BMRI, other stocks pressuring the JCI’s movement included PT Dian Swastatika Sentosa Tbk (DSSA) by 8.38 points, PT Barito Renewables Energy Tbk (BREN) by 7.38 points, PT Chandra Asri Pacific Tbk (TPIA) by 6.72 points, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) by 6.27 points.
DSSA and BREN are continuing their correction ahead of the MSCI index announcement on 12 May 2026. These two stocks are expected to be booted from the global index.
Meanwhile, stocks such as PT Amman Mineral Internasional Tbk (AMMN), PT Barito Pacific Tbk (BRPT), and PT Merdeka Gold Resources Tbk (MDKA) also ranked among the top laggards in the index this morning.
Amid market pressure, only a handful of stocks managed to hold back the JCI’s weakening. PT Mora Telematika Indonesia Tbk (MORA) became the biggest supporter with a positive contribution of 22.42 index points.
Meanwhile, stocks from PT Astra International Tbk (ASII), PT Bank Permata Tbk (BNLI), and PT Mitra Adiperkasa Tbk (MAPI) also helped stem the correction, although their contributions were relatively limited.
Indonesia’s financial markets this week will be short, lasting only three days due to the holiday and joint leave for the Ascension of Jesus Christ on Thursday and Friday.
A crucial agenda from the domestic capital market that must be anticipated on 12 May 2026 is the MSCI index rebalancing cycle. Based on the official MSCI announcement dated 20 April 2026, the global index agency provided feedback on the capital market transparency reforms initiated by the OJK, IDX, and KSEI.
These reforms include increased disclosure of shareholders above 1%, more detailed investor classification, implementation of the High Shareholding Concentration (HSC) framework, and a roadmap to increase the minimum free float limit to 15%.
MSCI is currently evaluating the scope and effectiveness of this new data source in determining broader estimates of publicly circulating shares or free float.
For the May 2026 index review, MSCI has set special interim treatment for Indonesian securities to limit investability risks. MSCI will freeze all increases in Foreign Inclusion Factors (FIF) and Number of Shares (NOS), and will not add new constituents to the MSCI Investable Market Indexes (IMI).
Additionally, MSCI will not conduct upward migration for securities from the Small Cap segment to Standard. The most significant policy is MSCI’s decision to delete securities identified by Indonesian authorities as falling under the High Shareholding Concentration (HSC) framework.
MSCI will also use 1% shareholder disclosure data to adjust free float estimates if necessary. Further evaluation of these reforms is scheduled to be communicated in the Market Accessibility Review in June 2026.