JCI Closes in the Red, Pressured by DSSA and BREN Shares
The Jakarta Composite Index (JCI) trimmed its correction at the end of trading on Tuesday (21/4/2026). The index closed at 7,559.38, down 0.46% or -34.73 points.
Throughout the day, the JCI consistently remained in the red zone, with a low of 7,511.83 and a high of 7,568.99. A total of 405 stocks rose, 283 fell, and 271 were unchanged.
Trading value reached Rp 17.8 trillion, involving 41.14 billion shares in 2.68 million transactions. Market capitalisation also corrected to Rp 13,443 trillion.
According to Refinitiv, the majority of sectors were actually in the green zone today. However, sharp corrections in three stocks prevented the JCI from breaking into positive territory.
Dian Swastatika Sentosa (DSSA) and Barito Renewables Energy (BREN) plummeted in line with the possibility of being removed from the Morgan Stanley Capital International (MSCI) index.
DSSA fell to hit the auto reject lower limit (ARB) of 14.98% to 2,780, dragging the JCI down by -43.21 points. Meanwhile, BREN, which dropped 9.47%, contributed -23.06 points.
As previously reported, MSCI has stated that stocks in the High Shareholding Concentration (HSC) category are at risk of exclusion from the index, in line with global policies.
In this context, BREN and DSSA are among the nine HSC stocks listed by the Indonesia Stock Exchange (IDX) and the Indonesian Central Securities Depository (KSEI).
BBRI was also among the top laggards, dragging the JCI by 26.66 points. The major bank issuer corrected 4.94% as it entered the ex-dividend period today.
The JCI is expected to remain volatile as the market responds to the latest MSCI announcement.
MSCI has announced an update regarding the evaluation of Indonesian securities’ free float as of 20 April 2026, as a follow-up to the index rebalancing freeze policy previously announced in January 2026.
In its statement, MSCI highlighted the capital market transparency reform policies implemented by the Financial Services Authority (OJK), IDX, and KSEI.
In the May 2026 index review, MSCI decided to maintain the temporary policy, namely continuing to freeze increases in the Foreign Inclusion Factor (FIF) and Number of Shares (NOS), not adding new stocks to the MSCI Investable Market Indexes (IMI), and not upgrading stocks between market capitalisation segments.
Additionally, MSCI may use 1% shareholder disclosure data to adjust free float estimates if necessary. However, other new data will not be incorporated into index calculations until the evaluation process is complete and input from market participants has been considered.
Looking ahead, MSCI is open to input from market participants regarding the effectiveness of the new policies. Further updates are expected to be provided in the Market Accessibility Review scheduled for June 2026.
Separately, IDX Acting President Director Jeffrey Hendrik stated that they met with MSCI on 16 April 2026. He appreciated that four proposals submitted jointly with Self-Regulatory Organisations (SROs) have been accepted by MSCI.
“We will continue to communicate with index providers. We will also continue to engage with global investors to gather input for strengthening the capital market going forward,” said Jeffrey on Tuesday (21/4/2026).
More technically, Jeffrey did not deny the possibility of an announcement regarding special treatment for High Concentration Shareholders (HSC) for stocks in the MSCI index, such as DSSA and BREN. It is known that MSCI will remove issuers on the HSC list from its index.
“It will be announced soon,” Jeffrey replied briefly regarding HSC stocks in the MSCI index.