The Jakarta Composite Index (IHSG) kept widening its gains in early trade on Thursday (12/11/2026). The index stood at 5,168.79, up 53.75 points or 1.05%.

Index movement

IHSG opened at 5,119.53, up 0.09% from the previous close, then strengthened and briefly touched a high of 5,170.62. That level was 55.58 points or about 1.09% above yesterday's close, and 51.09 points or about 1.00% above the opening price. The day's low was 5,114.80, a slight 0.24 points or about 0.005% below yesterday's close.

Trading volume was 74.61 million lots with a transaction value of Rp1.09 trillion, sharply higher than the 09:07 WIB reading of 25.78 million lots worth Rp791.59 billion.

Sectors and stocks behind the move

Citing Refinitiv data, the morning gain was driven by several sectors: energy rose 1.9%, basic materials 1.6% and consumer cyclicals 1%. Stocks lifting the index included PT Amman Mineral Internasional Tbk. (AMMN), PT Bumi Resources Tbk. (BUMI), PT Bumi Resources Minerals Tbk. (BRMS), PT VKTR Teknologi Mobilitas Tbk. (VKTR) and PT Bank Negara Indonesia (Persero) Tbk. (BBNI).

Stocks weighing on the index that morning included PT Indofood Sukses Makmur Tbk. (INDF), PT Merdeka Gold Resources Tbk. (EMAS), PT Pertamina Geothermal Energy Tbk. (PGEO), PT Jasa Marga (Persero) Tbk. (JSMR) and PT Mitra Adiperkasa Tbk. (MAPI).

What the market is watching today

On Thursday, Indonesia's financial market will weigh a mix of domestic political developments, changes to stock index composition and several global economic releases. The filing of a Right to Express an Opinion motion against Vice President Gibran Rakabuming Raka adds to attention on national politics. In the capital market, the announcement of the latest list of high-concentration stocks and the formation of Danareksa Investment Management also drew focus. The day's agenda includes the MSCI rebalancing, Japan's producer price inflation and US weekly jobless claims. A surge in the US dollar is feared to pressure the rupiah.

1. The US dollar surges

The US Dollar Index (DXY) jumped 0.68% to 102.90 and closed at 102.843 on Wednesday (11/11/2026). That is its highest since 10 April 2025, the start of the trade war.

2. The Gibran resignation issue

Gibran Rakabuming Raka was reported to have submitted a resignation letter as Vice President on Wednesday (11/11/2026), according to Projo chair Budi Arie Setiadi. "That is correct (Gibran submitted his resignation to the President)," Budi Arie said in a text message. He said Gibran went straight to President Prabowo Subianto to deliver it, shortly after the President arrived in Jakarta from a working visit to Aceh Province that afternoon.

3. The HSC list grows

The IDX announced a new list of 383 stocks in the high shareholding concentration (HSC) category. According to the attachment, 300 issuers are marked as new members, while the other 83 carry no such marker. The evaluation uses cumulative ownership of up to 10 scripless shareholders, plus holdings of scripted shares, reaching at least 92.5%. New members include BRIS, BNGA, BDMN, NISP, PANI, PGEO and HMSP, while MTEL is listed without a new-member marker. The source says the constituent adjustment in IHSG calculation applies that day, so Thursday's trading drew attention ahead of its implementation.

4. The November 2026 MSCI review

The MSCI review results announced Thursday morning brought changes to several Indonesian stocks. Two stocks leave MSCI Global Standard: Barito Pacific (BRPT) and Bumi Resources Minerals (BRMS). BRMS moves to Small Cap, while BRPT is not listed as an addition to that group. From Small Cap, seven stocks are removed: AVIA, CTRA, MTEL, EMTK, JSMR, RAJA and WIFI. The only Indonesian addition in this group is BRMS, through its move from Standard. Eight stocks therefore leave the combined Standard and Small Cap coverage, while BRMS remains a constituent through Small Cap.

5. Japan's October 2026 producer inflation

Japan is scheduled to release October producer inflation at 06:50 WIB. The consensus expects producer-level price growth to slow to 6.5% year on year from 6.8% in September. The indicator offers a view of production-cost pressure before it may be passed on to consumers. A slowdown in line with expectations would show easing price pressure upstream.

Sources

• Breaking! IHSG Menguat 1%, Ini Penyebabnya — CNBC Indonesia (Romys Binekasri), 12 November 2026 09:13. https://www.cnbcindonesia.com/market/20261112091138-17-784516/breaking-ihsg-menguat-1-ini-penyebabnya