IHSG Rises 0.79% on Nov 2, 2026 After HSC Stocks Leave the Index

Key takeaways

• The Jakarta Composite Index (IHSG) rose 39.78 points, or 0.79%, to 5,096.83 at the close (09:00 UTC) on Monday, November 2, 2026, according to closing data reported by CNBC Indonesia and Kontan and Yahoo Finance data. It was the first session after the Indonesia Stock Exchange removed 81 high shareholding concentration (HSC) stocks from the index calculation.
• The LQ45 index of large, liquid stocks rose 2.72 points, or 0.53%, to 517.89, Yahoo Finance data show. Darma Henwa (DEWA) gained 11.21%, Indika Energy (INDY) 8.15% and Bumi Resources (BUMI) 7.56%, while Adaro Andalan Indonesia (AADI) fell 6.75% and Bukit Asam (PTBA) 4.01%, Kontan reported.
• Basic materials led the sector gains with a 2.12% rise and energy added 1.53%, according to Kontan and Investortrust. Gainers beat decliners by 315 to 285, with 118 unchanged, Kontan reported.
• Statistics Indonesia (BPS) said October inflation was 3.23% year on year and 0.22% month on month. S&P Global's Indonesia manufacturing PMI rose to 54.0 from 52.4, its highest since March 2024, Kontan reported.
• The rupiah weakened 0.05% to 18,156 per US dollar in the spot market at 15:00 Jakarta time (08:00 UTC), Kontan reported. Bank Indonesia's JISDOR reference rate rose to 18,161.00 from 18,138.00.

Session recap

Indonesian stocks opened November with a rebound after two straight losing sessions. The index dipped below 5,000 in the first hour before turning higher. For the regional picture, see Asian and global market closes. Friday's fall is covered in our IHSG brief for October 30.

The IHSG opened at 5,039.54, below Friday's close of 5,057.05, and fell to a low of 4,981.52, according to Yahoo Finance data. CNBC Indonesia said the index returned to positive territory shortly before 10:00 Jakarta time (03:00 UTC). It reached a high of 5,125.74 in the morning session and ended the first session up 48.15 points, or 0.95%, at 5,105.20, CNBC Indonesia reported. In the afternoon it moved mostly between 5,080 and 5,120 before closing at 5,096.83.

Changes are calculated from the previous closes on October 30: IHSG 5,057.05, LQ45 515.17, spot rupiah 18,147 and JISDOR 18,138.00. A higher USD/IDR number means a weaker rupiah. CNBC Indonesia, using Refinitiv data, put the rupiah's close at 18,140, so spot figures differ by provider. Turnover figures also differed: Kontan reported Rp12.38 trillion, CNBC Indonesia about Rp10.07 trillion and Investortrust Rp9.63 trillion, so turnover is not shown in the table.

What drove it

The first session without HSC stocks

Monday was the first trading day after the exchange began excluding stocks with high shareholding concentration from the IHSG. CNBC Indonesia said 81 stocks were removed, carrying about 18% of the index weight, leaving 837 stocks in the calculation. Investortrust named Barito Renewables Energy (BREN), Bayan Resources (BYAN), Dian Swastatika Sentosa (DSSA), Petrindo Jaya Kreasi (CUAN) and MORA among them. Exchange president director Jeffrey Hendrik said the change would not by itself trigger a sharp fall or jump in the index, and that the weight of the removed stocks would be shared among the remaining members, according to CNBC Indonesia.

This matters for reading Monday's move. Some Barito group stocks that dragged the index lower on Friday, including BREN and CUAN, no longer count toward it, so the day's gain partly reflects a different set of stocks. Index providers may also have used different compositions: CNBC Indonesia, using Refinitiv data, still listed BREN and DSSA among the stocks that lifted the index, and showed utilities up 9.86%. Kontan's sector data showed no such move, so we use the exchange-based figures reported by Kontan and Investortrust.

Miners and energy stocks lead, coal names split

Basic materials rose 2.12%, energy 1.53%, infrastructure 1.40% and industrials 0.76%, while health care fell 0.64% and property 0.22%, according to Kontan and Investortrust. Within the LQ45, coal and energy stocks moved in opposite directions. DEWA, INDY and BUMI were the best performers, while AADI, PTBA and Vale Indonesia (INCO), down 2.63%, were the biggest losers, Kontan reported. None of the sources we checked gave a company-specific reason for the AADI and PTBA declines, so the cause has not been confirmed.

Foreign selling continued in the morning

Foreign investors were net sellers of Rp342.08 billion across the market in the first session, CNBC Indonesia reported, citing Stockbit Sekuritas data. AADI had the largest foreign net selling at Rp94.95 billion, followed by Bank Mandiri (BMRI) at Rp81.76 billion and Bank Rakyat Indonesia (BBRI) at Rp71.29 billion. Chandra Asri Pacific (TPIA) and BUMI drew the most foreign buying. A full-day foreign flow figure for Monday had not been published by a source we could open when this brief was written. Kontan reported foreign net selling of Rp4.20 trillion over the previous week, led by BMRI and Telkom Indonesia (TLKM). Our analysis of foreign selling and the MSCI review explains why flows weigh on the index.

Inflation and factory data

Two domestic releases landed during the session. BPS deputy Ateng Hartono said annual inflation was 3.23% in October, with a monthly rate of 0.22%, CNN Indonesia and Antara reported. Food, beverages and tobacco contributed most, led by red chilli prices. CNBC Indonesia said the consensus of 12 institutions had been 3.25% year on year and 0.24% month on month, so both figures came in slightly below forecasts. Separately, S&P Global's manufacturing PMI rose to 54.0 in October from 52.4. Kontan said new orders grew at the fastest pace since October 2021 and export orders rose by the most since the survey began in April 2011, while input costs rose faster on higher fuel prices and a weaker exchange rate. A reading above 50 signals expansion.

The rupiah and Asian currencies

The rupiah slipped for a second session as most Asian currencies weakened. Kontan said the Korean won fell 0.74% and the Malaysian ringgit 0.32% as of 15:00 Jakarta time (08:00 UTC), while the Philippine peso gained 0.19%. The rupiah's recent lows are covered in our report on the rupiah near its record low.

Political & policy watch

• Index rules. The exchange's HSC exclusion took effect on November 2, removing 81 stocks from the IHSG calculation, CNBC Indonesia and Investortrust reported.
• MSCI review. Kontan reported on November 1 that MSCI's evaluation results are due in November. Mirae Asset Sekuritas analyst Nafan Aji Gusta linked recent foreign selling to MSCI's proposal to classify Indonesia as a standalone market. Republik Investor founder Hendra Wardana told Kontan the pressure reflected investor concern about transparency, governance and regulatory certainty.
• Bank Indonesia. The central bank's next rate decision follows the October inflation print and a weaker rupiah. Background: Bank Indonesia's October rate decision.
• US politics. The US midterm elections are held on Tuesday, November 3, with all 435 House seats and 35 of 100 Senate seats contested, CNBC Indonesia reported.

What to watch next

Risk checklist for readers

• Index composition changes: When stocks leave an index, daily moves are no longer directly comparable with earlier sessions. Check which stocks are counted before comparing levels over time.
• Provider differences: Turnover, sector, rupiah and contributor data differed between outlets on Monday. The exchange and Bank Indonesia publish the official figures.
• Foreign flows: Morning flow data can change by the close. A rising index can still see net foreign selling.
• Currency risk: For foreign investors, returns depend on both share prices and the rupiah, which weakened on Monday.
• Scheduled events: US labour data, the US elections and the MSCI review can move prices; check official release dates.
• Reading PMI and inflation: A PMI above 50 signals expansion compared with the previous month, not the level of output. Inflation figures are reported both month on month and year on year.

This article is for information only and is not investment advice.