IDX Composite closes 3.6 percent lower after MSCI talks

The IDX Composite closed at 4,996.61 points on October 19, losing 188.50 points or 3.6 percent. The decline followed MSCI's proposal to consider moving Indonesia from emerging-market to standalone-market status.

Tempo Inti Media was the strongest listed mover, rising 28.0 percent. The Indonesia Stock Exchange also announced reforms after an afternoon meeting with MSCI, including the planned exclusion of high-concentration stocks from the index.

Why is the IDX Composite down today?

MSCI's consultation continued to dominate trading after the provider questioned Indonesia's ownership transparency and market governance. The proposal has raised concerns that Indonesian shares could be removed from global benchmarks.

The exchange said it would add affiliation details to disclosures for shareholders holding at least 1 percent. It also plans to exclude high-shareholding-concentration stocks from the IDX Composite. The affected shares would remain tradable, but their movements would no longer influence the benchmark, Tempo.co reported.

Winners and losers in the IDX Composite

At the October 19 close, the market recorded 100 gainers, 656 decliners and 43 unchanged stocks, according to Databoks:

• Tempo Inti Media up 28.0 percent
• Pudjiadi & Sons up 25.0 percent
• Tifa Finance up 25.0 percent
• Bumi Teknokultura Unggul down 25.0 percent
• Express Transindo Utama down 25.0 percent
• Harta Bangun Persada down 10.0 percent

All 11 sector indexes fell. Basic materials lost 4.57 percent, followed by infrastructure at 4.45 percent and consumer cyclicals at 4.09 percent. Trading value reached IDR 25.1 trillion, Tempo.co reported.

IDX Composite faces a longer MSCI process

MSCI will collect feedback on the proposed reclassification until April 30, 2027. A final decision is due by June 30, 2027, according to The Jakarta Post.

The exchange has not yet given an effective date for excluding high-concentration stocks. That timing will determine when the planned index changes begin to affect the benchmark.

What comes next for the IDX Composite

• April 30, 2027: MSCI consultation on Indonesia's market classification ends, The Jakarta Post reports.
• June 30, 2027: MSCI is scheduled to announce its final classification decision, RRI reports.

IDX Composite price data for October 19, 2026

The IDX Composite closed at 4,996.61 points on October 19, 2026, according to Tempo.co. It fell 188.50 points, or 3.6 percent, from the previous close of 5,185.11 points on October 16.

More market reports and analysis on the IDX Composite