Jakarta, Indonesia – Indonesia’s benchmark stock index, the IDX Composite, plunged sharply Wednesday morning, falling 2.55% to 7,736.92 less than 30 minutes after market open, continuing a multi-day sell-off. The decline follows a 0.96% drop on Tuesday and a 2.65% tumble two days prior, signaling sustained investor concern.
As of mid-morning, 561 stocks had declined, while 105 rose and 168 remained unchanged, illustrating broad-based selling pressure across the Indonesia Stock Exchange (IDX). Trading volume reached Rp 5.97 trillion, involving 11.07 billion shares across 693,762 transactions.
Shares of ENRG, BUMI, and MEDC were among the most actively traded. Gold mining companies collectively weakened, contributing to the downward pressure on the index. Conglomerate-owned stocks also experienced widespread declines.
All sectors traded in negative territory, with the infrastructure and raw materials sectors experiencing the steepest declines. The healthcare and energy sectors proved the most resilient, albeit with modest losses.
Blue-chip stocks and shares held by prominent Indonesian conglomerates were significant drivers of the day’s decline. Stocks linked to Prajogo Pangestu, Hapsoro, Aguan, Bakrie, Hary Tanoe, and Garibaldi ‘Boy’ Thohir all experienced losses.
The ten stocks exerting the greatest downward pressure on the IDX Composite were:
- Barito Renewables Energy (BREN) -15.73 points
- Amman Mineral Internasional (AMMN) -10.62 points
- Telkom Indonesia (TLKM) -10.52 points
- Bank Mandiri (BMRI) -10.09 points
- Bumi Resources Minerals (BRMS) -9.70 points
- Chandra Asri Pacific (TPIA) -8.29 points
- Bank Central Asia (BBCA) -7.10 points
- Bank Rakyat Indonesia (BBRI) -6.29 points
- Merdeka Gold Resources (MDKA) -5.96 points
- VKTR Teknologi Mobilitas (VKTR) -5.61 points
The Indonesian financial market is bracing for continued headwinds, both domestic and international. The Financial Services Authority (OJK) has released updates regarding efforts to meet requirements for inclusion in MSCI global indexes. The OJK reported that regulators and self-regulatory organizations (SROs) have updated data disclosure requirements for shareholders holding more than 1% of a company, with the KSEI (Indonesia Central Securities Depository) releasing ownership data as of February 27, 2026, on Tuesday.
The OJK also stated that the reclassification of investors from nine to 27 types is 94% complete. Efforts to raise the minimum free float from 7.5% to 15% are underway at the IDX and await OJK approval. A shareholder concentration list is also being developed to help investors assess concentration risk.
Regional markets also experienced declines. South Korea’s Kospi index fell 7.24% Wednesday, continuing a sharp sell-off from the previous day, which marked its worst performance in 19 months, amid escalating tensions in the Middle East. Australia’s S&. P/ASX 200 opened down 1.81%, Japan’s Nikkei 225 lost 1.59%, and the Topix fell 1.61%. Hong Kong Hang Seng Index futures traded lower at 25,448, below the last closing price of 25,768.08.
Oil prices continued to rise, with US crude futures up 0.87% to $75.21 and Brent crude up 5.43% to $81.96 per barrel, fueled by the ongoing conflict and reports that Iran is attempting to close the Strait of Hormuz. A senior commander of Iran’s Revolutionary Guard reportedly stated the waterway was closed and warned any vessels attempting passage would be targeted, according to Iranian media. Former US President Donald Trump stated the US Navy would escort tankers through the Strait of Hormuz if necessary.
US stock markets also experienced volatility Tuesday, with the Dow Jones Industrial Average losing 403.51 points, or 0.83%, to close at 48,501.27. The S&P 500 fell 0.94% to 6,816.63, and the Nasdaq Composite declined 1.02% to 22,516.69.