JAKARTA – The Jakarta Composite Index (JCI) experienced a notable decline during the trading week of May 11–13, 2026. This downward trend was largely driven by the impact of the MSCI index rebalancing, which put significant selling pressure on several large-cap stocks in the Indonesian market.
According to data from the Indonesia Stock Exchange (IDX), PT Bank Mandiri (Persero) Tbk. (BMRI) emerged as the primary drag on the index, contributing a negative 33.64 points after its share price tumbled by 9.29%.
Following closely, PT Barito Renewables Energy Tbk. (BREN) saw its shares slide by 21.95%, shaving 33.20 points off the JCI. Similarly, PT Chandra Asri Pacific Tbk. (TPIA) recorded a decline of 21.82%, resulting in a negative contribution of 24.81 points to the index’s performance.
The list of top laggards also included PT Dian Swastatika Sentosa Tbk. (DSSA), which fell by 20.99%, dragging the index down by 24.25 points. Within the banking sector, PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) dropped 4.29%, contributing a negative 21.96 points, while PT Bank Central Asia Tbk. (BBCA) saw a more modest decline of 1.21%, yet still impacted the JCI by 7.03 points.
Other notable decliners included PT Amman Mineral Internasional Tbk. (AMMN), which fell 12.11% (a 15.50-point negative impact), and PT Ekamas Mora Republik Tbk. (MORA), which dropped 8.33% (an 11.21-point impact). Additionally, PT Petrindo Jaya Kreasi Tbk. (CUAN) plummeted by 24.11% (10.80-point impact), while PT Impack Pratama Industri Tbk. (IMPC) declined by 11.11% (7.87-point impact).
This broad-based pressure on major stocks aligns with the latest MSCI index review. The MSCI May 2026 Index Review confirmed that no new Indonesian stocks were added to the MSCI Global Standard Index. Conversely, MSCI announced the removal of six Indonesian stocks: AMMN, BREN, TPIA, DSSA, CUAN, and AMRT. While AMRT was removed from the Global Standard Index, it was subsequently moved to the MSCI Small Cap Index.
Furthermore, 13 Indonesian companies were removed from the MSCI Small Cap Index, including ANTM, AALI, BANK, BSDE, DSNG, SIDO, MIDI, MIKA, MSIN, TKIM, APIC, SSMS, and TAPG.
Reflecting on the weekly performance, IDX Corporate Secretary Kautsar Primadi Nurahmad reported that the JCI closed at 6,723.32, marking a 3.53% decline from the previous week’s closing of 6,936.39. Consequently, the total market capitalization of the exchange contracted by 4.68%, falling from Rp12,406 trillion to Rp11,825 trillion.
Market activity also cooled, with the average daily trading volume dropping 22.01% to 35.76 billion shares from 45.86 billion shares in the prior week. The average daily transaction value similarly saw a downturn.
“The average daily transaction value this week fell by 18.78% to Rp18.82 trillion from Rp23.05 trillion in the previous week,” Kautsar stated on Thursday (May 14, 2026).
Top 10 JCI Laggards for the Week of May 11-13, 2026
| Ticker | Price Change (%) | JCI Contribution (points) |
| BMRI | -9.29 | -33.64 |
| BREN | -21.95 | -33.20 |
| TPIA | -21.82 | -24.81 |
| DSSA | -20.99 | -24.25 |
| BBRI | -4.29 | -21.96 |
| AMMN | -12.11 | -15.50 |
| MORA | -8.33 | -11.21 |
| CUAN | -24.11 | -10.80 |
| IMPC | -11.11 | -7.87 |
| BBCA | -1.21 | -7.03 |
Summary
The Jakarta Composite Index (JCI) declined by 3.53% to 6,723.32 during the week of May 11–13, 2026, driven by intense selling pressure following the MSCI index rebalancing. Major companies, including Bank Mandiri (BMRI), Barito Renewables (BREN), and Chandra Asri (TPIA), experienced significant share price drops, acting as the primary drags on the index. Consequently, the total market capitalization contracted by 4.68%, falling to Rp11,825 trillion.
The MSCI May 2026 Index Review confirmed the removal of several large-cap stocks, such as AMMN, BREN, TPIA, and others, from the MSCI Global Standard Index, with no new Indonesian stocks added. This regulatory adjustment contributed to a notable cooling in market activity, characterized by sharp declines in both average daily trading volume and transaction value. The exchange reported that investor sentiment remained cautious throughout the period as these stocks faced widespread divestment.
