The Jakarta Composite Index (IHSG) closed Wednesday's (11/11/2026) morning session in the red. It stood at 5,114.32, down 11.41 points or 0.22%, on turnover of about Rp4.72 trillion and volume of 212.42 million lots.

Ups and downs through the first session

IHSG opened higher at 5,139.09 and briefly touched a daily high of 5,144.79. The gain did not last: selling pressure appeared soon after the open and pulled the index to near 5,095 early in the session. After a short rebound to around 5,130, pressure returned before 10:00 WIB and took the index to a daily low of 5,086.02, about 53 points below the opening level.

The index then climbed back to the 5,125–5,127 range by mid-session, almost erasing the earlier loss, but the advance stalled and IHSG moved sideways with a softer bias until the close. According to IDX data, 294 stocks rose, 339 fell and 312 were unchanged.

Six sentiment drivers in focus

The Fed. Fed Governor Christopher Waller said a 50-basis-point hike should be considered if core inflation stays high, after US October inflation came in above forecasts. The odds of a jumbo hike briefly neared 15% before easing to about 10%, while a 25 bps increase in December is almost fully priced in.

Bank of Japan. The summary of opinions from the October meeting was released, with rates held at 1.25%. Some views favored continued hikes because underlying inflation is close to the 2% target and financial conditions remain loose, while others urged a faster move toward the neutral rate.

China's trade balance. The October 2026 surplus narrowed to US$105.28 billion from US$133.53 billion in September, below the US$125.8 billion consensus. Exports grew 35.2% year on year (above the 33.5% consensus), while imports jumped 41.6% (consensus 32.0%). The source sees the import surge as potentially good news for Indonesia, as it could lift demand for Indonesian goods.

Domestic politics. State Secretary Prasetyo Hadi confirmed that Vice President Gibran Rakabuming Raka expressed an intention to resign during a roughly two-and-a-half-hour meeting with President Prabowo Subianto. Prasetyo corrected reports that Prabowo rejected the intention; the president reportedly offered several pieces of advice. Gibran remains in office until further announcement, so the news is read as a source of political uncertainty rather than confirmation of a change of vice president.

HSC methodology. The Indonesia Stock Exchange (BEI) extended its screening for stocks with high shareholding concentration (HSC) to all listed shares, no longer limited to those with a market capitalization above Rp5 trillion. A stock qualifies as HSC if 10 or fewer shareholders collectively hold at least 92.5%, and the price impact ratio is no longer a criterion. The HSC list grows by 300 stocks, from 83 to 383, representing 6.16% of IHSG that will be removed from index calculations.

MSCI review. Results of the index review are due Thursday (12/11/2026) at around 05:00 WIB, before Indonesian markets open, so affected stocks can react immediately. Composition changes take effect only at the close on November 30 and become effective on December 1.

The source also stresses that a hawkish Fed stance and higher-than-expected US inflation are a threat to IHSG and the rupiah, as both have already lifted the dollar index and US Treasury yields.

Sources

• IHSG Ditutup Melemah 0,22% pada Sesi I ke 5.114 — CNBC Indonesia (Romys Binekasri), 11 November 2026. https://www.cnbcindonesia.com/market/20261111120329-17-784213/ihsg-ditutup-melemah-022-pada-sesi-i-ke-5114