JCI Trims Losses, Closes Down 1.85% Today
The Indonesia Composite Index (IHSG) closed down 1.85%, or -124.08 points, to the level of 6,599.24 in today’s trading, Monday (18/5/2026). A total of 647 stocks declined, 183 remained unchanged, and 129 rose. Transaction value reached Rp 20.47 trillion, involving 29.72 billion shares across 2.54 million transactions, while market capitalisation slumped to Rp 11,539 trillion.
Throughout the day, the IHSG fluctuated within a range of 6,398.79–6,631.28. The index began trading with a decline of more than 2% and briefly dropped by more than 4% during the first session.
According to Refinitiv data, the commodities sector saw the deepest decline at -6.55%, followed by utilities at -2.96% and healthcare at -2t.75%. Dian Swastatika Sentosa (DSSA) and Chandra Asri Pacific (TPIA), which were recently removed from the MSCI index, acted as the primary drags, contributing -13.67 points and 13.23 points respectively. Since the morning, both DSSA and TPIA had fallen to their lower auto-rejection (ARB) limits, plunging 15%.
Furthermore, two major banking stocks also weighed on the index. Bank Rakyat Indonesia (BBRI) contributed -12.55 points and Bank Mandiri (BMRI) -6.26 points. This coincided with the weakening of the Rupiah against the US Dollar. The exchange rate closed in the red, weakening 1.03% to Rp17,640/US.ThislevelsawtheRupiahbreachthepsychologicalthresholdaboveRp17, 000/US again, marking its weakest closing position in history.
The greatest pressure on the IHSG since the weekend originated from stocks removed from the MSCI Global Standard Index and the MSCI Global Small Cap Index. Shortly after the MSCI announcement, FTSE, another global index provider, also commented on the future of Indonesian stocks within its index. In a recent announcement titled “Index Treatment for the June 2026 Index Review” released on Wednesday (13/5/2026), FTSE gave a stern signal regarding the potential removal of stocks with high shareholding concentration (HSC) on the Indonesia Stock Exchange (BEI).
FTSE Russell’s new rules follow efforts by Indonesian capital market authorities to increase transparency, including the publication of High Shareholding Concentration (HSC) lists. The document stated that if a company is subject to a shareholding concentration warning from exchange and financial authorities—where circulating shares are controlled by only a few parties—the stock will be removed from the index during the next review. FTSE Russell stated that to ensure index integrity and replicability, it will remove securities affected by a zero-price impact in the June 2026 review, effective from the market opening on Monday, 22 June 2026. This “zero price” policy was adopted because FTSE assesses that the liquidity of HSC stocks tends to deteriorate materially, raising concerns that passive fund managers may struggle to find sufficient counterparties if forced to exit such stocks suddenly.