The Indonesian stock market was hit by turmoil in the first month of the year.
On January 27, 2026, Morgan Stanley Capital International (MSCI) announced a temporary freeze on its index ratings for Indonesian stocks due to data transparency issues.
In its announcement, MSCI stated, "While there have been minor enhancements to PT Bursa Efek Indonesia's (IDX) float data feed, investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation."
"To address some of these concerns, more granular and reliable information on shareholding structures, possibly including high shareholding concentration monitoring, is required to support a robust assessment of free float and investability across Indonesian securities," they said.
Following this announcement, the Jakarta Composite Index (JCI) immediately declined for two consecutive days.
On January 28, 2026, the JCI plummeted 7.35% compared to the previous trading day. Then, on January 29, 2026, the JCI fell another 1.06%.
Over the two days, the JCI also fell 8%, prompting the IDX to temporarily halt trading.
However, amid this turmoil, four stock sectors generally maintained positive performance.
The strongest performance was recorded in the basic materials sector. From the beginning of the year to January 30, 2026, the basic materials sector stock index (IDXBASIC) rose 8.54% year-to-date (ytd).
Strengthening was also seen in the transportation sector stock index (IDXTRANS), which rose 2.58% (ytd); the non-primary consumer goods sector (IDXCYCLIC) rose 1.41% (ytd); and the primary consumer goods sector (IDXNONCYC) rose 0.89% (ytd).
Meanwhile, seven other stock sectors weakened. The sharpest index decline from the beginning of the year to January 30, 2026, occurred in industrial stocks, with the following details:
- Property sector (IDXPROPERT): down 3.85% (ytd)
- Financial sector (IDXFINANCE): down 4.26% (ytd)
- Healthcare sector (IDXHEALTH): down 4.32% (ytd)
- Technology sector (IDXTECHNO): down 6.47% (ytd)
- Energy sector (IDXENERGY): down 7.51% (ytd)
- Infrastructure sector (IDXINFRA): down 9.03% (ytd)
- Industrial sector (IDXINDUST): down 10.35% (ytd)