JCI Cuts Losses, Closes Down 0.92% at 6,905

The Jakarta Composite Index (JCI) weakened significantly during trading on Monday (11/5/2026), pulled down by selling pressure in big-cap banking stocks and conglomerates. According to data from the Indonesia Stock Exchange (BEI), at the close of trading, the JCI fell 63.77 points or 0.92% to 6,905.62. A total of 442 stocks declined, while only 251 rose and 125 were unchanged. Trading value reached Rp20.53 trillion with a volume of 41.47 billion shares in 2.83 million transactions. Citing Refinitiv, the biggest pressure on the JCI came from jumbo banking stocks. PT Bank Mandiri (Persero) Tbk (BMRI) was the main drag on the index with a contribution to the decline of 29.73 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 15.43 points, PT Barito Renewables Energy Tbk (BREN) by 11.44 points, PT Chandra Asri Pacific Tbk (TPIA) by 9.30 points, and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) by 9.41 points. DSSA and BREN are continuing their corrections ahead of the MSCI index announcement on 12 May 2026. These two stocks are expected to be booted from the global index. Meanwhile, shares of PT Amman Mineral Internasional Tbk (AMMN) to PT Barito Pacific Tbk (BRPT) also ranked among the top laggards of the index today. Amid market pressure, only a handful of stocks managed to hold back the JCI’s decline. PT Mora Telematika Indonesia Tbk (MORA) was the biggest supporter with a positive contribution of 26.90 index points. Meanwhile, shares of PT Astra International Tbk (ASII), PT Bank Permata Tbk (BNLI), and PT Mitra Adiperkasa Tbk (MAPI) also helped cushion the correction, though their contributions were relatively limited. The Indonesian financial market this week will be short, lasting only three days due to holidays and a joint leave for the Ascension of Jesus Christ commemoration on Thursday and Friday. A crucial agenda for the domestic capital market that must be anticipated on 12 May 2026 is the MSCI index rebalancing cycle. Based on an official MSCI announcement dated 20 April 2026, the global index agency responded to capital market transparency reforms initiated by OJK, BEI, 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-origin 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 again in the Market Accessibility Review in June 2026.