JAKARTA — The Indonesian Composite Index (IHSG) faced a challenging week from May 11 to 13, 2026, closing in the red as major stocks, including SHIP, BREN, and TPIA, experienced sharp declines. This bearish sentiment was largely triggered by the latest MSCI rebalancing, which saw several Indonesian stocks removed from its index, rattling investor confidence.
According to data from the Indonesia Stock Exchange (IDX), PT Sillo Maritime Perdana Tbk. (SHIP) led the decline, plummeting 37.54%—or 1,310 points—to finish at Rp2,180 per share. It was closely followed by PT Prime Agri Resources Tbk (SGRO), which dropped 24.15% to Rp3,140 per share.
Rounding out the top three was property developer PT Petrindo Jaya Kreasi Tbk. (CUAN), which corrected by 24.11% to Rp850 per share, while BREN followed suit with a 21.95% decline to Rp3,200 per share. Other notable decliners included TPIA, which fell 21.82% to Rp4,300 per share, along with DSSA, MSJA, TALF, IRRA, and BANK.
The following table details the performance of the top 10 losers during the week of May 11–13, 2026:
| Stock Code | Previous Week | Current Week | Change (Points) | Change (%) |
|---|---|---|---|---|
| SHIP | 3,490 | 2,180 | -1,310 | -37.54% |
| SGRO | 4,140 | 3,140 | -1,000 | -24.15% |
| CUAN | 1,120 | 850 | -270 | -24.11% |
| BREN | 4,100 | 3,200 | -900 | -21.95% |
| TPIA | 5,500 | 4,300 | -1,200 | -21.82% |
| DSSA | 1,310 | 1,035 | -275 | -20.99% |
| MSJA | 525 | 418 | -107 | -20.38% |
| TALF | 890 | 715 | -175 | -19.66% |
| IRRA | 510 | 412 | -98 | -19.22% |
| BANK | 600 | 486 | -114 | -19.00% |
Driven by these broad-based declines, the IHSG retreated 3.53% to close at 6,723.32 throughout the mid-May trading period. Consequently, the total market capitalization on the exchange contracted by Rp581 trillion, settling at Rp11,825 trillion.
IDX Corporate Secretary Kautsar Primadi Nurahmad confirmed the index’s downward trend, noting a decline from the previous week’s close of 6,936.39. Market capitalization also saw a 4.68% reduction from the previous week’s Rp12,406 trillion.
Trading activity also softened, with the average daily trading volume dropping 22.01% to 35.76 billion shares from 45.86 billion shares the previous week. Similarly, the average daily transaction value decreased by 18.78% to Rp18.82 trillion, compared to Rp23.05 trillion in the prior week. The average daily transaction frequency saw a slight dip of 0.56%, totaling 2.53 million transactions.
Foreign investors remained net sellers, recording a sell-off of Rp1.53 trillion on Wednesday (13/5/2026). As of that date, foreign investors have logged a total net sell of Rp40.82 trillion for the 2026 calendar year.
Disclaimer: This article is for informational purposes only and does not constitute financial advice or an invitation to buy or sell securities. All investment decisions are the sole responsibility of the reader. We are not liable for any losses or gains resulting from investment decisions made based on this information.
Summary
The Indonesian Composite Index (IHSG) experienced a significant downturn from May 11 to 13, 2026, falling 3.53% to close at 6,723.32. This bearish performance was largely driven by the recent MSCI rebalancing, which led to the removal of several major Indonesian stocks from the index and triggered widespread investor concern. Consequently, total market capitalization on the exchange contracted by Rp581 trillion, settling at Rp11,825 trillion.
Among the hardest-hit equities were PT Sillo Maritime Perdana Tbk. (SHIP), which plummeted 37.54%, followed by notable declines in SGRO, CUAN, BREN, and TPIA. Alongside the drop in share prices, trading volume and daily transaction values decreased significantly, while foreign investors continued to divest with a net sell-off of Rp1.53 trillion on Wednesday alone. These figures reflect a broader contraction in market activity and liquidity during the mid-May trading period.
