JAKARTA — The Jakarta Composite Index (IHSG) closed firmly in the red on Monday, May 18, 2026, as negative sentiments stemming from MSCI rebalancing and a weakening rupiah weighed heavily on market performance.
According to data from IDX Mobile, the IHSG concluded the trading day with a significant drop of 124.08 points, equivalent to a 1.85% decline, settling at the 6,599.24 level. Throughout the session, the index navigated a wide range, fluctuating between 6,398.79 and 6,631.28.
In terms of market liquidity and activity, the total transaction value for the day reached a substantial Rp20.57 trillion. This was driven by a robust trading volume of approximately 29.77 billion shares, with the frequency of transactions recorded at 2.542 million times.
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A broader assessment of individual stock movements highlighted the challenging market conditions: only 129 stocks managed to advance, while a significant 647 stocks experienced declines, and the remaining 183 stocks closed stagnant.
Among the constituents of the LQ45 index, several stocks particularly exacerbated the overall market downturn. PT Petrindo Jaya Kreasi Tbk. (CUAN) registered a sharp decline of 11.76%, closing at Rp750. This was closely followed by PT Hartadinata Abadi Tbk. (HRTA), which fell 10.90% to Rp2,370, and PT Aneka Tambang (Persero) Tbk. (ANTM), decreasing 9.71% to Rp3,160.
Further contributing to the index’s weakness were PT Darma Henwa Tbk. (DEWA), which dropped 9.09% to Rp440, and PT Vale Indonesia Tbk. (INCO), seeing an 8.94% reduction to Rp5,350.
Conversely, a handful of stocks demonstrated resilience, managing to defy the broader market decline and providing some much-needed support to the index. PT Telkom Indonesia (Persero) Tbk. (TLKM) notably climbed 4.05% to Rp3,080. Following this positive trend was PT Medco Energi Internasional Tbk. (MEDC), which gained 2.55% to Rp1,610.
Other strong performers included PT Charoen Pokphand Indonesia Tbk. (CPIN), rising 0.96% to Rp4,200; PT Bukit Asam (Persero) Tbk. (PTBA), which advanced 0.71% to Rp2,850; and PT AKR Corporindo Tbk. (AKRA), closing higher by 0.69% at Rp1,465.
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According to the research team at Phintraco Sekuritas, global market sentiment was notably dampened by the outcome of the meeting between President Trump and President Xi, which concluded without any substantial agreements, thereby disappointing investors.
Looking ahead, the persistent US-Iran conflict is widely expected to continue influencing global stock market movements this week, amid fluctuating escalations between the two nations. In the United States, investors will be closely scrutinizing Nvidia’s financial reports and the upcoming FOMC minutes. Their focus will be on identifying any indications regarding the future direction of interest rates, particularly after recent US inflation data surpassed market expectations.
Domestically, investors are keenly awaiting the Bank Indonesia (BI) Board of Governors Meeting on May 20, where the BI Rate is broadly anticipated to be maintained at 4.75%. Additionally, key economic releases scheduled for the week include credit growth data (May 20), the Q1 2026 current account balance (May 22), and M2 Money Supply figures (May 22).
Meanwhile, FTSE Russell has announced that, despite reviewing developments within the Indonesian capital market, it has decided to postpone a full index re-rating, an increase in free float, and the addition of new stocks (IPOs) until its comprehensive review in September 2026.
Summary
The Jakarta Composite Index (IHSG) experienced a significant 1.85% drop on May 18, 2026, closing at 6,599.24, primarily driven by negative sentiments from MSCI rebalancing and a weakening rupiah. Despite substantial market liquidity reaching Rp20.57 trillion, 647 stocks declined compared to only 129 advancing. Major contributors to the downturn included LQ45 members like PT Petrindo Jaya Kreasi (CUAN) and PT Aneka Tambang (ANTM), which saw sharp falls.
Conversely, resilient stocks such as PT Telkom Indonesia (TLKM) and PT Bukit Asam (PTBA) defied the trend, offering some support to the index. Future market movements are expected to be shaped by ongoing global geopolitical tensions and upcoming US economic reports. Domestically, attention is on the Bank Indonesia Board of Governors Meeting and key economic data releases, while FTSE Russell has delayed its full index re-rating until September 2026.