Indonesian stocks with high shareholding concentrations to be excluded from index starting Nov 2

There are 80 stocks on the high shareholding concentration list

Published Thu, Oct 22, 2026 · 02:55 PM

MSCI has raised concerns that some transactions were allegedly being manipulated by dominant shareholders. PHOTO: BLOOMBERG

[JAKARTA] Stocks of Indonesian companies with high shareholding concentrations will be excluded from the Jakarta composite index starting from Nov 2, according to an announcement by the country’s stock exchange on Thursday (Oct 22).

The exclusion is part of Indonesia‘s capital market reforms, and comes after index provider MSCI warned it could demote Indonesian equities from “emerging” to “standalone” market status.

MSCI has raised concerns that some transactions were allegedly being manipulated by dominant shareholders.

The stock exchange (IDX) previously said there were 80 stocks on the high shareholding concentration list, accounting for roughly 18 per cent of the total index weight.

IDX said it would now recalculate the Jakarta composite index every January, April, July and October.

The regular index evaluations previously took place in March, June, September and December.

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BI governor Destry Damayanti says the hold “is consistent with the strategy to stabilise the rupiah amid persistent external pressures”, to promote economic growth and to achieve an inflation target of 1.5% to 3.5%.

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MSCI said Indonesia could be downgraded to the “standalone” category due to significant concerns about dysfunctions in the marke.

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MSCI said that a downgrade of Indonesia to “frontier” status, which it raised as a possibility in January, would not reflect the severity of its issues.

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Stocks added to or removed from the high shareholding concentration list outside the evaluation period will be immediately reflected in the Jakarta composite index, the exchange said. REUTERS

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