Indonesia Market Strategy: IDX Broadens the High Shareholders Concentration List

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Indonesia Market Strategy: IDX Broadens the High Shareholders Concentration List

Global Research

15 July 2026ab

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Equity StrategyIndonesia Market Strategy

IDX Broadens the High Shareholders Indonesia

Concentration List Joshua Tanja, CFA Analyst

joshua.tanja@ubs.com

+62-21-2554 7030

What's new? 47 stocks now in the HSC from 14 previously Ivan Reynaldo Sutheja

In conclusion, we believe IDX identifying stocks with high ownership concentration and Analyst

ivan-reynaldo.sutheja@ubs.comhigh price impact ratio publicly would help reduce stakeholders concerns over

+62-21-2554 7037

shareholding opacity and concerted trading. What's new? IDX announced yesterday an

expanded high shareholder concentration (HSC) list to 47 names from previously 14. IDX Elisabeth Angelina Inggriani

now adds a new criteria of high price impact ratio on 17 stocks with a market cap of Associate Analyst

elisabeth-angelina.inggriani@ubs.com

>Rp10tn. IDX now add quarterly review for price impact ratios and/or methodology

+62-21-2554 7006

update, in time for the quarterly rebalancing cycle for its IDX30, LQ45, IDX80 indexes on

top of its continuously monitoring of triggers other criteria into the HSC list. Price impact

ratio is the ratio between share price movement (of a certain period, say quarterly) over

the velocity of the shares (traded shares in a quarter as % of free float shares). High Price

Impact ratio means high share price movement over low velocity stocks.

Analysing the HSC list with current indexes constituencies

Cross referencing the 47 HSC members with the constituency of IDX30, LQ45, and IDX

80, we find zero hits. Cross referencing the HSC members with the MSCI Indonesia EM

constituencies (11 large cap/ mid cap stocks and 43 small cap) we find two hits in the