Indonesian stocks experienced a mixed day on Thursday, January 29th, as the market reacted to concerns raised by MSCI regarding the country’s market accessibility. While the benchmark index saw a slight downturn, closing at 8,232.2, regulatory bodies swiftly announced measures to address the issues and reassure investors. Below, we detail the day’s market performance, including key stock movements and the government’s response to MSCI’s review, which could potentially impact Indonesia’s status within key emerging market indices.
Daily Market Performance 🚀
Table of Contents
 IHSG |
 Foreign Flow |
 Kurs USD/IDR |
 Gold |
| 8.232,2 -1,06% | -Rp4,4 triliun | 16.750 +0,26% | 5.526 +3,48% |
 Oil |
 Coal |
 CPO |
 Nickel |
| 68,6 +1,90% | 110,7 +0,91% | 4.325 +1,24% | 18.270 +0,56% |
Indonesia’s Market Recovers Slightly Amid MSCI Concerns
Indonesia’s benchmark stock index rebounded from intraday losses on Thursday, January 29th, closing at 8,232.2, down 1.06%, as regulators outlined steps to address concerns raised by MSCI regarding the investability of the Indonesian market. The move comes after a period of volatility sparked by MSCI’s review of the country’s market classification.
The joint regulatory body, comprised of the Financial Services Authority (OJK) and the Indonesia Stock Exchange (IDX), announced a series of measures aimed at improving transparency and addressing MSCI’s concerns. These include commitments to provide detailed data on share ownership, excluding corporate and other holdings, as well as information on beneficial owners of companies listed on the IDX100. Regulators stated they have already provided more detailed ownership data to MSCI and are awaiting a review of the information. They are targeting completion of the process by March 2026.
- Data Transparency Commitment: The regulatory body committed to providing detailed ownership data in line with MSCI standards, including free float data excluding ‘corporate’ and ‘other’ ownership, details of holdings above and below 5%, and data on ultimate beneficial owners of IDX100 companies.
- IDX to Meet with MSCI Directly: The IDX will meet directly with MSCI on Monday, February 2nd, to reiterate its commitment to coordinate and ensure alignment on transparency improvements.
- Minimum Free Float Rule Increase: The IDX will soon raise the minimum free float requirement from 7.5% to 15% for both initial public offerings and existing listed companies. Regulators will provide an exit policy for existing companies unable to meet the new requirement within a specified timeframe, with details to be announced next month.
Following the regulatory announcements on Thursday, January 29th, a spokesperson for MSCI told Bloomberg that the firm will continue to engage with market participants and authorities in Indonesia and will monitor developments in the Indonesian market.
Concerns raised by MSCI on Tuesday, January 27th, regarding the investability of the Indonesian market led to a two-day decline of 8.3% in the IHSG. On Thursday, Bloomberg reported that Goldman Sachs downgraded its outlook on Indonesian stocks to underweight and projected potential outflows exceeding USD $13 billion (approximately Rp218 trillion) if Indonesia’s market status is downgraded from emerging market to frontier market. These potential outflows stem from sales of USD $7.8 billion from funds using MSCI indexes and an additional USD $5.6 billion if FTSE Russell also revises its free float methodology. The risk of a status downgrade could prompt long-term investors to rebalance portfolios and trigger speculative flows from hedge funds.
Key Takeaway
The market’s positive response to the regulatory announcements indicates the urgency of addressing MSCI’s concerns. Investors should closely monitor further developments. While MSCI has given Indonesian market authorities until May 2026 to improve ownership transparency, updates from MSCI could be released sooner, given the regulatory body’s target of completion by March 2026.
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- $BBCA: Bank Central Asia plans to repurchase shares with allocated funds of up to Rp5 trillion. The plan will be discussed at the March 12, 2026, Extraordinary General Meeting of Shareholders, with a repurchase period of 12 months following shareholder approval.
- $DEWA: Darma Henwa reported a net profit of Rp71 billion in the third quarter of 2025 (down 28% quarter-over-quarter, up 192% year-over-year). This result brings net profit for the first nine months of 2025 to Rp239 billion (versus Rp39 billion in the first nine months of 2024), equivalent to 97% of the 2025 consensus estimate. On a quarterly basis, the decrease in net profit in the third quarter of 2025 was primarily due to a tax expense of Rp35 billion (versus a tax benefit of Rp2 billion in the second quarter of 2025). Operationally, revenue increased by 1% quarter-over-quarter in the third quarter of 2025, with material moved down 1% quarter-over-quarter due to high rainfall. The proportion of internal material moved decreased by 5% quarter-over-quarter in the third quarter of 2025, while the proportion of subcontractor work increased by 9% quarter-over-quarter. This dynamic lowered DEWA’s gross profit margin to 12.8% (-231 basis points quarter-over-quarter). Meanwhile, general and administrative expenses decreased by 20% quarter-over-quarter, resulting in flat operating profit on a quarterly basis in the third quarter of 2025.
- $EMAS: A subsidiary of Merdeka Copper Gold ($MDKA), Merdeka Gold Resources, confirmed in a statement to the IDX that it is considering a listing on the Hong Kong Stock Exchange. EMAS added that the company is still in the early stages of exploring the possibility and that there is no material information to disclose to the public at this time.
- $CUAN: Controlling shareholder of Petrindo Jaya Kreasi, Prajogo Pangestu, purchased 7 million shares of CUAN at an average price of approximately Rp1,552 per share, for a total value of approximately Rp10.9 billion on January 28, 2026. Following this transaction, Prajogo Pangestu’s direct ownership stake in CUAN increased from 84.0816% to 84.0878%.
- $RAJA: Rukun Raharja plans to repurchase shares with allocated funds of up to Rp250 billion during the period from January 29th to April 28th, 2026. The plan does not require shareholder approval, following relaxation provided by the OJK to support capital market stability.
- $PTBA: Danantara’s Chief Operating Officer, Dony Oskaria, said on Wednesday, January 28th, that groundbreaking for the coal gasification project to produce dimethyl ether (DME) by Bukit Asam will take place in early February 2026. Dony explained that the DME project aims to reduce LPG imports. The Ministry of Energy and Mineral Resources projects national LPG consumption to reach 10 million metric tons in 2026, while domestic production currently reaches 1.3–1.4 million metric tons.
- $BULL: Controlling shareholder of Buana Lintas Lautan, PT Delta Royal Sejahtera, sold approximately 443.8 million shares of BULL to Kingswood Union Corporation at a price of Rp468 per share, for a total value of approximately Rp207.7 million on January 29, 2026. Following this transaction, PT Delta Royal Sejahtera’s direct ownership stake in BULL decreased from 17.4% to 14.53%.
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 Michael Brown - Business EditorBio: Michael Brown is the Business Editor at Headlinez.News, specializing in financial markets, economic policy, and corporate developments. A seasoned business journalist with more than 14 years in the field, Michael has covered Wall Street, global trade, and the evolving tech-economy interface. His data-driven approach and accessible analysis help readers understand complex economic issues with clarity and depth. Expertise: Financial markets, economic poli You may also likeAbout UsHeadlinez News is an independent digital newsroom delivering accurate, timely, and trustworthy reporting across the U.S. and worldwide. Our mission is to keep readers informed with verified facts, expert analysis, and credible journalism that puts truth first. Ads@2025 – Hosted by ByoHosting – Most Recommendeed Webhhosting. For complains, abuse, advertising contact: [email protected] This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More |