Indonesia to exclude high-concentration stocks from IHSG
The change takes effect on 2 November 2026, alongside a revised evaluation calendar. The index’s calculation method and 9% cap will remain unchanged.
Stocks classified as having highly concentrated ownership will be excluded from Indonesia’s IHSG benchmark from 2 November 2026, according to an Indonesia Stock Exchange (BEI) disclosure. The exchange is also changing the timetable for index reviews and introducing adjustments outside scheduled evaluations.
The revised eligibility rules add stocks in the High Shareholding Concentration (HSC) category to the exclusions. Previously, the index calculation covered all listed companies’ shares apart from those on the Acceleration Board, which will remain excluded.
BEI said the changes were intended to make the index more representative of market dynamics. The calculation will continue to use capped free-float-adjusted market-capitalisation weighting, retaining the 9% cap.
Scheduled evaluations will move to January, April, July and October, replacing the March, June, September and December cycle. Changes resulting from those reviews will take effect on the first trading day of February, May, August and November, rather than January, April, July and October.
A new provision also allows for unscheduled evaluations. When a stock enters or leaves the HSC list between regular index reviews, its treatment in the IHSG will be adjusted immediately.
