IDX Rebalances LQ45 Index: INDY and NCKL Join, Major Banks See Weight Shifts

The Indonesia Stock Exchange (IDX) has announced a significant overhaul of its prominent LQ45 Index following its routine periodic evaluation. In an official disclosure on Monday, July 27, 2026, the IDX confirmed the inclusion of two new companies, PT Indika Energy Tbk (INDY) and PT Trimegah Bangun Persada Tbk (NCKL), into this benchmark index, which comprises the 45 most liquid stocks in the Indonesian capital market. This strategic adjustment reflects the dynamic nature of the market and the evolving landscape of investor interest.

Consequently, two established issuers, PT Semen Indonesia Tbk (SMGR) and PT Sarana Menara Nusantara Tbk (TOWR), will exit the prestigious LQ45 Index. These changes in the index’s composition are set to become effective from August 3, 2026, and will remain in force until October 30, 2026. Such rebalancing events are critical for ensuring the index accurately represents market liquidity and investor sentiment, offering a fresh perspective for portfolio management and investment strategies.

Understanding the Significance of the LQ45 Index

The LQ45 Index stands as one of the most closely watched equity benchmarks in the Indonesian stock market. It is meticulously designed to capture the performance of 45 companies that exhibit the highest levels of liquidity and possess substantial market capitalization. The “LQ” in LQ45 is an abbreviation for “Liquid,” underscoring its core selection criteria. Stocks included in this index are chosen based on stringent evaluations of their high trading volume, consistent transaction frequency, and significant market value, making them prime candidates for institutional and retail investors seeking robust and actively traded securities.

Beyond merely listing top companies, the LQ45 Index serves as a vital reference point for fund managers, analysts, and individual investors. Many investment products, including mutual funds and exchange-traded funds (ETFs), are benchmarked against or directly track the LQ45, making its constituent changes particularly impactful. The inclusion or exclusion of a stock can trigger significant buying or selling activity, as passive funds adjust their portfolios to align with the new index composition, further influencing market dynamics and individual stock prices.

New Entrants and Exiting Constituents

The latest LQ45 rebalancing brings fresh energy into the index with the addition of PT Indika Energy Tbk (INDY) and PT Trimegah Bangun Persada Tbk (NCKL). Indika Energy is a prominent player in Indonesia’s energy sector, with diverse interests spanning coal mining, energy services, and new and renewable energy. Its inclusion highlights the growing importance of the energy transition and commodity markets. Trimegah Bangun Persada, operating under the Harita Nickel brand, is a major nickel mining and processing company, capitalizing on the global demand for electric vehicle battery components. Their entry signifies their enhanced liquidity and market capitalization, making them more representative of the most active segments of the Indonesian equity market.

Conversely, the departure of PT Semen Indonesia Tbk (SMGR) and PT Sarana Menara Nusantara Tbk (TOWR) from the LQ45 Index marks a shift in market favor. Semen Indonesia, a leading cement producer, and Sarana Menara Nusantara, a telecommunications tower provider, have been long-standing components. While their exit does not diminish their fundamental value, it indicates that their trading liquidity or relative market capitalization no longer meets the stringent criteria for the LQ45, particularly when compared to the incoming companies. This periodic adjustment ensures the index remains dynamic and responsive to prevailing market conditions.

Significant Shifts in Stock Weights

Beyond the changes in constituent companies, the recent evaluation also resulted in notable adjustments to the weighting of several stocks within the LQ45 Index. These weight changes are crucial as they dictate the influence each stock has on the index’s overall performance. A higher weight means a stock’s price movements will have a more substantial impact on the LQ45, making these adjustments keenly watched by investors. The re-evaluation process ensures that the index accurately reflects the relative market importance and liquidity of its constituents.

Several issuers recorded a significant increase in their respective weights, signaling enhanced market presence or improved liquidity profiles. Conversely, some large-cap stocks experienced a reduction in their weight, indicating a relative shift in market capitalization or free float. These adjustments are integral to maintaining the index’s accuracy as a barometer for the Indonesian capital market’s most dynamic segment.

Companies Gaining Influence in the LQ45

The latest LQ45 rebalancing saw several companies increase their weighting, reflecting their strengthening market positions. PT Amman Mineral Internasional Tbk (AMMN), for instance, saw its weight rise from 3.84% to 4.82%. This substantial increase underscores the growing investor confidence in the mining sector, particularly for companies with strong mineral resource portfolios. Another significant gainer was PT Bank Mandiri Tbk (BMRI), whose weight moved from 10.46% to 10.91%. As one of Indonesia’s largest state-owned banks, this uptick reinforces its pivotal role in the financial sector and the broader economy.

Similarly, PT Chandra Asri Pacific Tbk (BRPT), a leading petrochemical company, experienced an increase from 2.96% to 3.13%, indicating robust performance and market interest in the industrial sector. Furthermore, PT Petrindo Jaya Kreasi Tbk (CUAN) saw its weight climb from 0.84% to 1.10%, reflecting its growing influence within the index. These upward adjustments suggest a positive outlook from market evaluators regarding these companies’ future prospects and their continued liquidity in the Indonesian stock market.

Major Players Facing Weight Reductions

Conversely, some of the market’s most influential stocks experienced a decrease in their LQ45 Index weighting. PT Bank Central Asia Tbk (BBCA), a perennial heavyweight, saw its weight adjusted downwards from 16.79% to 15.00%. Despite this reduction, BBCA remains the largest constituent by weight, highlighting its continued dominance in the banking sector. Similarly, PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), another banking giant, had its weight trimmed from 13.71% to 13.23%. These adjustments, while seemingly minor, can have a noticeable impact on index-tracking funds and overall market sentiment.

The telecommunications giant, PT Telkom Indonesia (Persero) Tbk (TLKM), also experienced a reduction, with its weight decreasing from 8.14% to 7.34%. This could reflect shifts in market perception or competitive dynamics within the telecom industry. Lastly, PT Adaro Energy Indonesia Tbk (ADRO), a significant coal producer, saw its weight slightly reduced from 1.40% to 1.34%. These downward revisions suggest a rebalancing of influence within the LQ45 Index, prompting investors to re-evaluate their positions in these key stocks.

Newcomers’ Initial Impact: INDY and NCKL

The newly admitted constituents, PT Indika Energy Tbk (INDY) and PT Trimegah Bangun Persada Tbk (NCKL), have been assigned their initial weights within the LQ45 Index. INDY enters with a weight of 0.25%, while NCKL holds a weight of 0.46%. These initial weightings, though relatively modest compared to the long-standing large-cap constituents, immediately grant these companies increased visibility and exposure to a broader pool of investors, particularly those tracking the LQ45.

Their inclusion and initial weighting signify the IDX’s acknowledgment of their growing importance and liquidity within the Indonesian capital market. For INDY, this reflects the market’s attention to the evolving energy landscape, including its efforts in diversification. For NCKL, it underscores the strategic significance of the nickel industry and its role in global supply chains. These entries are expected to draw increased attention from active and passive fund managers, potentially leading to further investment inflows into these companies.

Detailed Overview of the Latest LQ45 Index Composition

The periodic evaluation by the IDX has led to a comprehensive update of the LQ45 Index constituents and their respective weightings. This rebalancing is a crucial event for market participants, providing a fresh snapshot of the most liquid and actively traded stocks on the Indonesia Stock Exchange. Below is a detailed breakdown of the revised index, including the free float ratio, pre-evaluation weight, post-evaluation weight, and the status of change for each constituent.

* AADI: Free Float 18.62%, Pre-Evaluation 0.90%, Post-Evaluation 0.91% (Increased)
* ADMR: Free Float 11.90%, Pre-Evaluation 0.50%, Post-Evaluation 0.53% (Increased)
* ADRO: Free Float 26.37%, Pre-Evaluation 1.40%, Post-Evaluation 1.34% (Decreased)
* AKRA: Free Float 32.53%, Pre-Evaluation 0.61%, Post-Evaluation 0.64% (Increased)
* AMMN: Free Float 22.76%, Pre-Evaluation 3.84%, Post-Evaluation 4.82% (Increased)
* AMRT: Free Float 40.89%, Pre-Evaluation 1.59%, Post-Evaluation 1.66% (Increased)
* ANTM: Free Float 34.84%, Pre-Evaluation 1.70%, Post-Evaluation 1.79% (Increased)
* ASII: Free Float 43.51%, Pre-Evaluation 5.87%, Post-Evaluation 6.10% (Increased)
* BBCA: Free Float 42.44%, Pre-Evaluation 16.79%, Post-Evaluation 15.00% (Decreased)
* BBNI: Free Float 38.63%, Pre-Evaluation 3.42%, Post-Evaluation 3.56% (Increased)
* BBRI: Free Float 42.57%, Pre-Evaluation 13.71%, Post-Evaluation 13.23% (Decreased)
* BBTN: Free Float 35.09%, Pre-Evaluation 0.41%, Post-Evaluation 0.43% (Increased)
* BMRI: Free Float 38.91%, Pre-Evaluation 10.46%, Post-Evaluation 10.91% (Increased)
* BRPT: Free Float 26.90%, Pre-Evaluation 2.96%, Post-Evaluation 3.13% (Increased)
* BUMI: Free Float 43.25%, Pre-Evaluation 1.86%, Post-Evaluation 2.04% (Increased)
* CPIN: Free Float 34.09%, Pre-Evaluation 1.22%, Post-Evaluation 1.28% (Increased)
* CUAN: Free Float 18.68%, Pre-Evaluation 0.84%, Post-Evaluation 1.10% (Increased)
* DEWA: Free Float 49.83%, Pre-Evaluation 0.79%, Post-Evaluation 0.66% (Decreased)
* EMTK: Free Float 22.36%, Pre-Evaluation 0.58%, Post-Evaluation 0.51% (Decreased)
* ESSA: Free Float 57.26%, Pre-Evaluation 0.40%, Post-Evaluation 0.44% (Increased)
* EXCL: Free Float 29.28%, Pre-Evaluation 0.93%, Post-Evaluation 0.94% (Increased)
* GOTO: Free Float 70.09%, Pre-Evaluation 2.69%, Post-Evaluation 2.77% (Increased)
* HRTA: Free Float 28.40%, Pre-Evaluation 0.17%, Post-Evaluation 0.18% (Increased)
* ICBP: Free Float 19.44%, Pre-Evaluation 1.07%, Post-Evaluation 1.12% (Increased)
* INCO: Free Float 20.38%, Pre-Evaluation 0.72%, Post-Evaluation 0.75% (Increased)
* INDF: Free Float 48.25%, Pre-Evaluation 1.94%, Post-Evaluation 2.03% (Increased)
* INDY: Free Float 27.71%, Pre-Evaluation –, Post-Evaluation 0.25% (New)
* INKP: Free Float 40.06%, Pre-Evaluation 1.12%, Post-Evaluation 1.17% (Increased)
* ISAT: Free Float 16.33%, Pre-Evaluation 0.67%, Post-Evaluation 0.71% (Increased)
* ITMG: Free Float 32.19%, Pre-Evaluation 0.61%, Post-Evaluation 0.61% (Unchanged)
* JPFA: Free Float 40.58%, Pre-Evaluation 0.67%, Post-Evaluation 0.70% (Increased)
* KLBF: Free Float 38.14%, Pre-Evaluation 0.86%, Post-Evaluation 0.90% (Increased)
* MAPI: Free Float 48.87%, Pre-Evaluation 0.81%, Post-Evaluation 0.85% (Increased)
* MBMA: Free Float 26.20%, Pre-Evaluation 1.02%, Post-Evaluation 1.05% (Increased)
* MDKA: Free Float 47.80%, Pre-Evaluation 2.15%, Post-Evaluation 2.25% (Increased)
* MEDC: Free Float 21.89%, Pre-Evaluation 0.56%, Post-Evaluation 0.53% (Decreased)
* NCKL: Free Float 11.91%, Pre-Evaluation –, Post-Evaluation 0.46% (New)
* PGAS: Free Float 43.03%, Pre-Evaluation 1.07%, Post-Evaluation 1.12% (Increased)
* PGEO: Free Float 11.06%, Pre-Evaluation 0.31%, Post-Evaluation 0.33% (Increased)
* PTBA: Free Float 32.76%, Pre-Evaluation 0.61%, Post-Evaluation 0.64% (Increased)
* SCMA: Free Float 10.54%, Pre-Evaluation 0.11%, Post-Evaluation 0.11% (Unchanged)
* TLKM: Free Float 40.38%, Pre-Evaluation 8.14%, Post-Evaluation 7.34% (Decreased)
* UNTR: Free Float 33.97%, Pre-Evaluation 2.20%, Post-Evaluation 2.24% (Increased)
* UNVR: Free Float 14.03%, Pre-Evaluation 0.59%, Post-Evaluation 0.62% (Increased)
* WIFI: Free Float 37.64%, Pre-Evaluation 0.28%, Post-Evaluation 0.28% (Unchanged)

The Dynamic Nature of Index Weights and Corporate Actions

It is crucial for investors to understand that the announced weights for the LQ45 Index constituents are not entirely static. The IDX explicitly stated that the number of shares used in the index calculation, and consequently the individual stock weights, could be adjusted again before the effective date of August 3, 2026. This potential for further modification is primarily due to the occurrence of corporate actions by the listed companies.

Corporate actions, such as stock splits, reverse stock splits, rights issues, bonus share distributions, or stock dividends, can significantly alter a company’s share structure and market capitalization. When such events occur, the IDX may need to recalibrate the parameters to ensure the index accurately reflects the free float and market value of the affected stocks. Therefore, while the current rebalancing provides a clear direction for the LQ45 Index, the final, official weights remain subject to any unforeseen corporate developments prior to the implementation date. Investors should remain attentive to any further announcements from the IDX regarding these dynamic adjustments.