JAKARTA — The Jakarta Composite Index (IHSG) closed the trading week from May 11 to 13, 2026, firmly in the red, experiencing a significant 3.53% drop to settle at the 6,723.32 level. This bearish sentiment also heavily impacted the stock exchange’s market capitalization, which recorded a substantial decrease of Rp581 trillion, falling to Rp11,825 trillion.
Kautsar Primadi Nurahmad, Corporate Secretary of the Indonesia Stock Exchange (BEI), confirmed the weekly decline, stating that the IHSG concluded the week down by 3.53%, reaching 6,723.32 from its previous week’s close of 6,936.39.
Furthermore, the stock market’s capitalization also witnessed a notable 4.68% contraction, shrinking to Rp11,825 trillion from Rp12,406 trillion recorded in the preceding week.
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The average daily transaction volume on the exchange also experienced a significant slump, falling 22.01% to 35.76 billion shares from 45.86 billion shares registered at the close of the prior week. Concurrently, the average daily transaction value mirrored this downward trend. Kautsar elaborated on Thursday, May 14, 2026, stating, “The average daily transaction value this week recorded an 18.78% change, decreasing to Rp18.82 trillion from Rp23.05 trillion in the previous week.”
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Meanwhile, the average daily transaction frequency on the exchange also saw a marginal decline of 0.56% this week, settling at 2.53 million transactions compared to 2.55 million transactions last week.
Closing the week on Wednesday, May 13, 2026, foreign investors were net sellers, offloading Rp1.53 trillion. Their year-to-date net selling for 2026 reached a substantial Rp40.82 trillion, indicating sustained foreign capital outflow from the Indonesian stock market.
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Earlier, on Wednesday, May 13, 2026, the IHSG concluded the trading day with further losses, underscoring the prevailing negative sentiment. Several prominent stocks, including CUAN, AMMN, and BRPT, were among the top decliners by the afternoon trading session.
According to data from the Indonesia Stock Exchange (BEI), the IHSG closed down 1.98% to 6,723.32 on that day. Throughout Wednesday’s trading, the index fluctuated between 6,787.35 and 6,705.43. Across its hundreds of constituents, 260 stocks saw gains, 428 experienced declines, while 271 remained stagnant.
Within the LQ45 index, the benchmark for the 45 most liquid stocks, the steepest declines were led by shares of PT Petrindo Jaya Kreasi Tbk. (CUAN), which corrected 10.05% to Rp850. PT Amman Mineral Internasional Tbk. (AMMN) also fell sharply by 9.09% to Rp3,700, and PT Barito Pacific Tbk. (BRPT) lost 8.77% to Rp2,080.
Other significant decliners included PT Merdeka Copper Gold Tbk. (MDKA), which weakened by 4.88% to Rp2,730; PT ESSA Industries Indonesia Tbk. (ESSA), down 3.61% to Rp800; and PT Vale Indonesia Tbk. (INCO), experiencing a 3.29% fall to Rp5,875.
Conversely, amidst the widespread downturn, a few stocks managed to record gains. PT Charoen Pokphand Indonesia Tbk. (CPIN) rose 4.52% to Rp4,160, PT Japfa Comfeed Indonesia Tbk. (JPFA) climbed 4.10% to Rp2,540, and PT Darma Henwa Tbk. (DEWA) increased 2.11% to Rp484.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, provided a technical outlook, suggesting that the IHSG is poised to retest the critical support area of 6,763—6,715.
Nafan further elaborated, stating that “the market’s primary focus today was the announcement of the MSCI quarterly review. Market participants began factoring in the results of the MSCI index review, which subsequently triggered volatility in large-capitalization stocks.”
Delving deeper into the MSCI May 2026 Index Review, it was revealed that no new Indonesian stocks were added to the prestigious MSCI Global Standard Index. Instead, MSCI removed six Indonesian stocks from this index: AMMN, BREN, TPIA, DSSA, CUAN, and AMRT.
However, AMRT found a new home in the MSCI Small Cap Index after its removal from the MSCI Global Standard Index.
On the other hand, the MSCI Small Cap Index saw the delisting of 13 Indonesian stocks. These removals included prominent names such as ANTM, AALI, BANK, and BSDE.
Additionally, DSNG, SIDO, MIDI, and MIKA were also excised from the MSCI Small Cap Index.
Finally, MSIN, TKIM, APIC, SSMS, and TAPG completed the list of stocks exiting this index.
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Summary
The Jakarta Composite Index (IHSG) experienced a significant downturn during the trading week of May 11–13, 2026, falling 3.53% to close at 6,723.32. This bearish trend resulted in a market capitalization contraction of IDR 581 trillion, dropping to IDR 11,825 trillion, alongside declines in average daily transaction volume and value. Foreign investors contributed to the negative sentiment, recording a net sell of IDR 1.53 trillion by the end of the week, bringing the total year-to-date foreign outflow to IDR 40.82 trillion.
The market volatility was primarily driven by the MSCI quarterly index review, which removed six major Indonesian companies from the MSCI Global Standard Index, including AMMN, BREN, and CUAN. This announcement triggered substantial sell-offs among these large-capitalization stocks, while other market constituents also faced broad declines. Despite the overall market pressure, analysts noted that index performance remains subject to fluctuations as investors adjust to these MSCI index changes and look toward upcoming corporate earnings results.