Reasons for IHSG Slump, Drops Up to 1% in Morning Trading

Jakarta, CNBC Indonesia — The Composite Stock Price Index (IHSG) fell deeper. About one hour after the opening of trading, the IHSG dropped more than 1%.

The IHSG returned to the 7,400 level with a correction of -87.85 points or -1.16% as of 10:15 WIB. In one hour of trading, the IHSG moved in the range of 7,429.05–7,582.5. This means the IHSG was briefly in positive territory but could not hold on for long.

The value of transactions this morning reached Rp7.3 trillion, involving 20.77 billion shares in 1.23 million transactions. Market capitalisation also fell to Rp13,292 trillion.

Quoting Refinitiv, the utilities sector caused the IHSG to slump this morning. Utilities experienced a correction of 4.14%, followed by energy at -1.62%.

Meanwhile, shares of Prajogo Pangestu’s business conglomerates were recorded to plummet en masse in today’s trading. BREN and DSSA shares, impacted by the latest MSCI announcement, remained the main burden on the IHSG.

BREN, which fell more than 6%, contributed 11.07 points to the IHSG’s decline. Then DSSA, which plunged 5.58%, contributed -10.58 points.

In addition, a number of commodity stocks also weighed on the IHSG, such as Amman Mineral (AMMN), Bumi Resources Minerals (BRMS), and Bayan Resources (BYAN).

As is known, BREN and DSSA have faced significant selling pressure since the MSCI announcement. The global index announced it would remove stocks listed on the High Shareholder Concentration (HSC) list issued by the Indonesia Stock Exchange (BEI) and the Central Securities Depository Indonesia (KSEI). It is known that BREN and DSSA are among the 9 stocks on the HSC list.

Foreign investors were recorded to massively offload BREN and DSSA shares in yesterday’s trading. MSCI’s decision to execute the removal of HSC issuers in May will trigger measured foreign portfolio restructuring. The removal of stocks like BREN and DSSA is projected to force the liquidation of passive funds worth around Rp25.5 trillion.

The IHSG’s collapse today also occurred alongside the rupiah’s further weakening against the US dollar on Thursday (23/4/2026) trading.

Citing Refinitiv data, as of 09:32 WIB, the Garuda currency was recorded to weaken 0.79% to the level of Rp17,305/US.Thislevelalsobecametherupiah′sall − timeweakestpositionintraday.Notonlythat, theweakeningalsomarkedtherupiahbreachinganewpsychologicallevelatRp17, 300/US.