Business · Markets · 3 hrs ago
Indonesia exchange to exclude high-concentration shares from main index
The Indonesia Stock Exchange will exclude high-concentration stocks from its main index, the IHSG.
These shares will still trade on the exchange, but their price changes will no longer affect the index.
The exchange said the category currently makes up about 18% of listed companies, while an analyst said those stocks account for about 18% of the index’s movement.
The exchange also plans to publish more detail about shareholders with stakes above 1%, including whether they are affiliated with a company or its controlling shareholder.
The changes follow market reforms that began after MSCI raised concerns about Indonesia’s market, including a freeze on Indonesian stocks in MSCI indexes and a warning that the country could be downgraded.
The exchange says the measures aim to improve transparency and make the IHSG better reflect stocks with broader ownership and healthier liquidity.
More implementation details are expected soon, and shares that no longer meet the high-concentration criteria can return to the IHSG.
The Indonesia Stock Exchange plans to exclude shares classified as having high shareholding concentration from the Composite Stock Price Index.
The exchange said the change will not delist those shares, which will remain tradable but will no longer affect the index.
The exchange also plans to disclose whether shareholders with stakes above 1% are affiliated with the issuer or controlling shareholder.
The exchange said HSC shares account for about 18% of listed companies, while an analyst said they contribute around 18% to index movements.
The exchange said it would provide details on the implementation schedule soon.
- Who
- The Indonesia Stock Exchange (BEI), led by president director Jeffrey Hendrik.
- What
- BEI plans to remove HSC shares from the IHSG calculation and add affiliation details to disclosures about shareholders with stakes above 1%.
- When
- The announcement was made on Monday, October 19, 2026. An implementation date was not stated.
- Where
- Indonesia’s stock market.
- Why
- BEI said the changes are intended to improve transparency, market data integrity and the representation of the index.
This story does not have two clearly opposing sides.
MSCI issued a warning that led to Indonesian shares being frozen from all MSCI indexes and raised the possibility of Indonesia being downgraded to Standalone Market.
MSCI released an announcement ahead of its meeting with BEI.
BEI met online with MSCI and announced plans to exclude HSC shares from the IHSG calculation and expand shareholder disclosures.
- Index
- Composite Stock Price Index (IHSG)
- HSC share treatment
- Excluded from index calculation, but still tradable
- HSC share proportion
- About 18% of listed companies, according to BEI
- HSC contribution to index movements
- Around 18%, according to analyst M Nafan Aji Gusta
- Additional disclosure
- Affiliation details for shareholders with stakes above 1%
- Implementation schedule
- Details to be announced soon
3 sources
What people are saying
Bukan delisting, tetapi tidak diperhitungkan dalam perhitungan IHSG
Tetap bisa diperdagangkan, tetapi pergerakan harganya tidak akan mempengaruhi pergerakan IHSG
Kita melakukan apa yang baik untuk pasar kita.
Mengingat saham HSC disebut menyumbang sekitar 18% terhadap pergerakan indeks, pengeluarannya dapat mengubah bobot dan karakter pergerakan IHSG secara signifikan