These State-Owned Shares Drove the IDX Composite Up 4%

Jakarta, CNBC Indonesia — The Jakarta Composite Index (JCI) rose by more than 4% in the first trading session on Tuesday (20 October 2026). It stood at 5,204.627, up 208.018 points, or 4.16%.

The reversal followed sharp selling pressure prompted by concerns over MSCI’s statement about the possibility of Indonesia’s stock market status being downgraded.

According to Refinitiv data, four state-owned companies made the largest contributions to the index’s rise, adding about 84 points in total, or roughly 40% of the JCI’s overall gain that day. PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) was the biggest contributor, adding 30.93 points, with its shares at Rp2,750.

Next were PT Bank Mandiri (Persero) Tbk (BMRI), which contributed 23.91 points, with shares at Rp3,660, and PT Telkom Indonesia (Persero) Tbk (TLKM), which added 22.10 points, with shares at Rp2,010. PT Bank Negara Indonesia (Persero) Tbk (BBNI) contributed 7.23 points, with shares at Rp3,180.

Gains in state-owned bank shares were in line with sector performance. The financial sector rose 5.19%, while utilities was the strongest performer, gaining 6.69%. Energy rose 1.75% and technology 1.17%.

The rise was broad-based, with 633 shares advancing, 124 declining and 161 unchanged. Total trading volume reached around 38.68 billion shares.

Market participants are expected to keep an eye on steps by the Indonesia Stock Exchange (IDX), the government and Danantara in response to MSCI’s announcement, as well as share buy-backs by several conglomerate-listed companies and President Prabowo Subianto’s call for stronger enforcement of capital-market rules.

In response to MSCI’s announcement last week, which raised the possibility of Indonesia’s stock market being downgraded from Emerging Market to Standalone Market status, the IDX announced two new initiatives on Monday (19 October 2026). First, disclosures of shareholdings above 1% will include information on any affiliations between shareholders and the company. Second, all shares on the High Shareholding Concentration (HSC) list will be excluded from the JCI calculation; the effective date will be announced in due course.