JAKARTA — The Jakarta Composite Index (IHSG) opened lower at 6,755.77 on Wednesday (May 12, 2026), following the MSCI index rebalancing announcement. The downward trend was primarily driven by corrections in several blue-chip stocks, including TPIA, AMMN, and BREN.
Based on data from the Indonesia Stock Exchange (IDX), the IHSG fell by 1.50% or 103.12 points to reach 6,755.77 as of 09:02 WIB. During the early minutes of trading, the index fluctuated between a low of 6,741.60 and a high of 6,769.82. Market breadth was significantly negative, with only 139 stocks advancing, 332 declining, and 185 remaining stagnant, bringing total market capitalization to Rp11,929.72 trillion.
Amid the broad market sell-off, PT Bank Central Asia Tbk. (BBCA) stood out as a lone performer among large-cap stocks, climbing 0.82% to Rp6,175 per share. In contrast, PT Chandra Asri Pacific Tbk. (TPIA) acted as a major drag on the composite index, plummeting 11.49% to Rp6,000 per share.
Other notable decliners included PT Amman Mineral Internasional Tbk. (AMMN), which sank 9.83% to Rp3,670; PT Dian Swastatika Sentosa Tbk. (DSSA), down 8.15% to Rp1,070; and PT Barito Renewables Energy Tbk. (BREN), which weakened by 6.37%.
The market volatility stems from the recent MSCI Inc. review of its Equity Indexes for May 2026, which resulted in the removal of six Indonesian issuers from the MSCI Global Standard Index. These changes are set to take effect at the close of trading on May 29, 2026, and will be officially implemented on June 1, 2026. The list of removed companies includes AMMN, BREN, TPIA, DSSA, CUAN, and AMRT, with no new Indonesian stocks added to the index during this review.
Despite the bearish sentiment, some stocks bucked the trend. PT Mitra Energi Persada Tbk. (KOPI) surged 24.56% to Rp284, while PT Pelayaran Nasional Ekalya Purnamasari Tbk. (ELPI) rose 24.54% to Rp2,030.
Looking ahead, market analysts anticipate continued volatility with a bearish bias for the IHSG. Beyond the impact of the MSCI review, global geopolitical tensions are exerting significant pressure on the index. Fanny Suherman, Head of Retail Research at BNI Sekuritas, noted that the previous trading session saw a 0.68% decline in the IHSG, accompanied by foreign net selling of Rp799 billion, with stocks like ANTM, BMRI, CUAN, DSSA, and BBRI seeing the heaviest outflows.
The IHSG has the potential for a gap-down opening to test support levels between 6,600 and 6,700 as the market digests the MSCI news. However, there is potential for a technical rebound after touching those levels, said Fanny. BNI Sekuritas has set the support range at 6,600–6,700 and resistance at 6,950–7,020.
The domestic outlook is also weighed down by negative global sentiment, as most Wall Street indices closed in the red. The S&P 500 and Nasdaq fell 0.16% and 0.71%, respectively, fueled by rising inflation and surging global oil prices. Simultaneously, WTI crude oil prices spiked 4.19% to US$102.18 per barrel after U.S. President Donald Trump described the ceasefire with Iran as being in critical condition.
Regional markets in Asia reflected this mixed sentiment; while Japan’s Nikkei 225 index managed a 0.52% gain, South Korea’s Kospi index tumbled 2.29%.
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Summary
The Jakarta Composite Index (IHSG) dropped 1.5% to 6,755.77 following the announcement of the May 2026 MSCI index rebalancing. The decline was largely driven by significant sell-offs in major stocks such as TPIA, AMMN, and BREN, all of which were removed from the MSCI Global Standard Index. While the broader market faced heavy pressure, PT Bank Central Asia Tbk. (BBCA) remained a notable exception by gaining 0.82%.
Market analysts expect continued volatility due to the MSCI adjustments and rising global geopolitical tensions, which have also negatively impacted international markets. BNI Sekuritas anticipates the index may test support levels between 6,600 and 6,700 before a potential technical rebound. Current downward momentum is further exacerbated by global concerns over inflation and surging oil prices.
