JAKARTA – Amidst the persistent pressure weighing on the domestic stock market following the latest MSCI rebalancing, several standout stocks have emerged as vital pillars of support, helping to cushion the otherwise sluggish performance of the Composite Stock Price Index (IHSG).
According to data from the Indonesia Stock Exchange (IDX), PT Sinar Mas Multiartha Tbk. (SMMA) led the charge as the top contributor to the index, climbing 4.46% and adding 5.03 points to the IHSG’s movement. Following closely was PT Bumi Resources Minerals Tbk. (BRMS), which rose 2.67%, contributing 3 points to the index, while PT Vale Indonesia Tbk. (INCO) surged 8.29%, providing a boost of 2.17 points.
Market momentum was further bolstered by PT Merdeka Gold Resources Tbk. (EMAS), which gained 2.27% (1.80 points), and PT Barito Pacific Tbk. (BRPT), which rose 1.46% (1.69 points). Within the telecommunications sector, PT Indosat Tbk. (ISAT) saw a 5.8% increase, lending 1.54 points to the index, while PT Pelayaran Nasional Ekalya Purnamasari Tbk. (ELPI) stood out with a significant 38.41% rally, contributing 1.38 points.
Rounding out the list of top performers, PT Charoen Pokphand Indonesia Tbk. (CPIN) added 2.72% (1.38 points), PT Timah Tbk. (TINS) grew by 5.16% (1.05 points), and PT Bukit Uluwatu Villa Tbk. (BUVA) provided a lift of 0.83 points after a 3.98% gain.
Despite these individual successes, the broader market faced significant headwinds. IDX Corporate Secretary Kautsar Primadi Nurahmad reported that the IHSG closed the week down 3.53% at 6,723.32, retreating from the previous week’s level of 6,936.39. Consequently, the exchange’s market capitalization contracted by 4.68%, falling from Rp12,406 trillion to Rp11,825 trillion.
Trading activity also saw a notable decline. The average daily trading volume dropped by 22.01% to 35.76 billion shares from 45.86 billion in the previous week. Similarly, the average daily transaction value decreased by 18.78%, falling to Rp18.82 trillion from Rp23.05 trillion, as noted by Kautsar on Thursday (14/5/2026).
The downward pressure on the IHSG is largely attributed to the recent MSCI index rebalancing. The May 2026 Index Review revealed that no new Indonesian stocks were added to the MSCI Global Standard Index. Conversely, six Indonesian companies—AMMN, BREN, TPIA, DSSA, CUAN, and AMRT—were removed from the index. Notably, MSCI shifted AMRT into the MSCI Small Cap Index after its departure from the Global Standard Index.
The rebalancing also impacted the MSCI Small Cap Index, which saw the removal of 13 Indonesian stocks, including ANTM, AALI, BANK, BSDE, DSNG, SIDO, MIDI, MIKA, MSIN, TKIM, APIC, SSMS, and TAPG.
Top Weekly IHSG Leaders:
| Code | Price (%) | IHSG (points) |
|---|---|---|
| SMMA | 4.46 | 5.03 |
| BRMS | 2.67 | 3.00 |
| INCO | 8.29 | 2.17 |
| EMAS | 2.27 | 1.80 |
| BRPT | 1.46 | 1.69 |
| ISAT | 5.80 | 1.54 |
| ELPI | 38.41 | 1.38 |
| CPIN | 2.72 | 1.38 |
| TINS | 5.16 | 1.05 |
| BUVA | 3.98 | 0.83 |
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Summary
The Composite Stock Price Index (IHSG) experienced a significant decline of 3.53% this week, largely driven by the latest MSCI index rebalancing. This adjustment saw the removal of several major companies from the MSCI Global Standard Index, including AMMN, BREN, and TPIA, while thirteen others were dropped from the MSCI Small Cap Index. Consequently, the broader market suffered a 4.68% contraction in total market capitalization alongside reduced trading volumes and transaction values.
Despite these market headwinds, several stocks acted as vital pillars of support to mitigate the index’s downward trajectory. Key performers included PT Sinar Mas Multiartha Tbk. (SMMA), PT Bumi Resources Minerals Tbk. (BRMS), and PT Vale Indonesia Tbk. (INCO), which delivered notable gains to the index. Other contributors such as PT Indosat Tbk. (ISAT) and PT Pelayaran Nasional Ekalya Purnamasari Tbk. (ELPI) also provided essential momentum during this volatile period.
