The Composite Stock Price Index (IHSG) opened lower in trading on Monday, May 11, 2026. As of 09:00 WIB, the index had declined by 7.26 points or 0.10 percent to 6,962.13 amid persistent selling pressure in the domestic market.

During the early trading session, the IHSG remained mostly in negative territory, moving within a daily range of 6,959 to 6,966.

The decline came as market participants adopted a wait-and-see approach ahead of the MSCI Indonesia rebalancing scheduled for May 12, 2026, while concerns also increased regarding pressure on the mining sector due to plans for higher mineral royalty rates.

Trading activity in the morning session was also relatively quiet. Transaction value in the regular market reached Rp260.79 billion, with trading volume totaling 6.27 million lots and transaction frequency recorded at 56.84 thousand trades.

Despite the IHSG weakening, several stocks still posted significant gains during morning trading. Shares of PT Alfa Energi Investama Tbk (FIRE) became the top gainer after surging 26.47 percent to 172. The energy sector issuer led the gainers list amid continued volatility in the energy sector.

Aside from FIRE, shares of PT Medela Potentia Tbk (MDLA) rose 11.30 percent to 256. Other stocks among the top gainers included PT Magna Investama Mandiri Tbk (MGNA), which climbed 11.18 percent to 189, PT Hetzer Medical Indonesia Tbk (MEDS), which gained 8.55 percent to 127, and PT FKS Multi Agro Tbk (FISH), which increased 8.07 percent to 870.

On the other hand, selling pressure continued to weigh on several mid-cap and small-cap stocks. Shares of PT Asia Pramulia Tbk (ASPR) became the top loser after falling 14.91 percent to 388. Meanwhile, PT Sillo Maritime Perdana Tbk (SHIP) declined 13.75 percent to 3,010.

Weakness was also seen in PT Megapower Makmur Tbk (MPOW), which dropped 10.81 percent to 132, PT Sinergi Inti Plastindo Tbk (ESIP), which fell 10.16 percent to 168, and PT Tunas Alfin Tbk (TALF), which corrected 9.55 percent to 805.

Sectorally, most indices moved in mixed territory. The healthcare sector became the main support for the market with a 0.97 percent gain, followed by the infrastructure sector, which rose 0.91 percent.

The basic materials sector also advanced 0.23 percent, while the technology sector gained 0.09 percent and the industrial sector edged up 0.03 percent.

In contrast, the financial sector experienced the biggest pressure, declining 0.39 percent. Weakness was also recorded in the non-cyclical sector, which fell 0.31 percent, the transportation sector down 0.21 percent, the cyclical sector correcting 0.16 percent, the property sector weakening 0.11 percent, and the energy sector slipping slightly by 0.05 percent.

Market participants are currently monitoring various global and domestic sentiments, including developments in mineral royalty policies and foreign fund flows, which have recently continued to record net selling in the Indonesian stock market.

Meanwhile, in its daily research report, MNC Sekuritas assessed that the IHSG remains in a correction phase with increasing selling pressure.

In the MNCS Daily Scope Wave report dated May 11, 2026, the firm stated that the IHSG still has the potential to move within wave [v] of wave A of wave (2), or the early stage of wave B of wave (2).

Under the worst-case scenario, the IHSG is projected to remain vulnerable to correction toward the 6,645 to 6,838 range. However, under the best-case scenario, the index has the opportunity to strengthen and test the 7,207 to 7,418 area.

MNC Sekuritas identified IHSG support levels at 6,921 and 6,838, while resistance levels were set at 7,207 and 7,323.