Flooring Guide by Cinvex — JAKARTA — Amid the persistent pressure weighing on the domestic stock market following the latest MSCI rebalancing, a select group of stocks has emerged as a vital source of strength, helping to anchor the Composite Stock Price Index (IHSG) during a period of otherwise lackluster performance.
According to data from the Indonesia Stock Exchange (BEI), PT Sinar Mas Multiartha Tbk. (SMMA) led the charge as the top contributor to the index. The stock rose by 4.46%, adding 5.03 points to the IHSG’s movement. Following closely was PT Bumi Resources Minerals Tbk. (BRMS), which climbed 2.67%, providing a positive contribution of 3 points. Meanwhile, PT Vale Indonesia Tbk. (INCO) posted a strong gain of 8.29%, adding 2.17 points to the index.
The market also saw resilience from other key players. PT Merdeka Gold Resources Tbk. (EMAS) rose 2.27%, contributing 1.80 points, while PT Barito Pacific Tbk. (BRPT) gained 1.46%, adding 1.69 points. In the telecommunications sector, PT Indosat Tbk. (ISAT) climbed 5.8%, supporting the index by 1.54 points. Notably, PT Pelayaran Nasional Ekalya Purnamasari Tbk. (ELPI) experienced a significant surge of 38.41%, contributing 1.38 points to the index.
Rounding out the list of top movers, PT Charoen Pokphand Indonesia Tbk. (CPIN) strengthened by 2.72%, contributing 1.38 points. PT Timah Tbk. (TINS) followed with a 5.16% increase, adding 1.05 points, while PT Bukit Uluwatu Villa Tbk. (BUVA) rose 3.98%, supporting the index with 0.83 points.
Despite these individual gains, the broader market faced significant headwinds. BEI Corporate Secretary Kautsar Primadi Nurahmad reported that the IHSG closed the week with a 3.53% decline, settling at 6,723.32, down from 6,936.39 the previous week. Market capitalization also saw a contraction of 4.68%, falling to Rp11,825 trillion from Rp12,406 trillion.
Trading activity also experienced a downturn, with the average daily trading volume dropping by 22.01% to 35.76 billion shares from 45.86 billion shares in the previous week. Financial turnover followed a similar trend. “The average daily transaction value this week saw a shift, falling 18.78% to Rp18.82 trillion from Rp23.05 trillion the previous week,” Kautsar noted on Thursday (May 14, 2026).
The downward pressure on the IHSG is largely attributed to the recent MSCI index rebalancing. The MSCI May 2026 Index Review confirmed that no new Indonesian stocks were added to the MSCI Global Standard Index. Conversely, six stocks were removed: AMMN, BREN, TPIA, DSSA, CUAN, and AMRT. However, MSCI did transition AMRT into the MSCI Small Cap Index after its removal from the Global Standard list.
The MSCI Small Cap Index also saw significant changes, with 13 Indonesian stocks removed, including ANTM, AALI, BANK, and BSDE. Other stocks excluded from the small-cap index include DSNG, SIDO, MIDI, MIKA, MSIN, TKIM, APIC, SSMS, and TAPG.
Top IHSG Leaders of the Week:
| 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 |
Disclaimer: This article is for informational purposes only and does not constitute financial advice or an invitation to buy or sell securities. Investment decisions remain the sole responsibility of the reader. Bisnis.com is not liable for any losses or gains resulting from investment decisions made based on this content.
Summary
The Indonesia Composite Stock Price Index (IHSG) experienced significant downward pressure, declining 3.53% to 6,723.32 following the latest MSCI index rebalancing. This adjustment saw the removal of several major stocks from both the MSCI Global Standard and Small Cap indices, contributing to a contraction in overall market capitalization and reduced trading activity. Despite the broader market downturn, key stocks such as SMMA, BRMS, and INCO demonstrated resilience by posting notable gains and acting as vital anchors for the index.
Other companies, including ISAT, BRPT, and ELPI, also provided essential support to the index throughout the week. While these individual movers helped mitigate some losses, the market environment remained challenging due to the exclusion of multiple Indonesian firms from global benchmarks. Investors are advised to view these market fluctuations as part of the broader rebalancing process, which continues to influence domestic stock performance.