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MonarqiLabs / Glossary / IHSG (Jakarta Composite Index)
Glossary

IHSG (Jakarta Composite Index)

The IHSG, or Jakarta Composite Index, is the headline benchmark of the Indonesia Stock Exchange (IDX). It tracks price performance across all companies listed on the IDX Main Board and Development Board. IDX lists its base date as 1 April 1983, with a base value of 100.

IHSG (Indeks Harga Saham Gabungan)

Why it matters

The IHSG is a capped, free-float adjusted, market-capitalisation weighted average. Each company's weight depends on the part of its shares that trades freely and on its market value, so the largest companies with the most tradable shares move the index most. Passive funds that copy the index buy and sell in line with these weights, so a change in a stock's weight can translate into real trading flows. The index is also a daily market gauge, and a sharp fall can trigger a temporary IDX trading halt, as on 29 January 2026.

Examples on the IDX

On 27 January 2026 MSCI announced an interim freeze on Indonesian stocks, blocking increases to foreign inclusion factors and share numbers. On 28 January the IHSG closed at 8,320, down 7.35%. On 29 January it fell more than 8% about 26 minutes into trading, and IDX halted trading for 30 minutes. Goldman Sachs also downgraded Indonesian equities to underweight in the same sell-off.

Scenarios that use this term

Intraday Trading Halt · MSCI Free-Float Freeze · Banking Blue-Chip Rally

Sources

  1. Index (IHSG entry in the IDX stock index list), Indonesia Stock Exchange (IDX), date not shown; accessed 2026-10-11.
  2. IHSG Anjlok 8%, BEI Kembali Berlakukan Trading Halt Pagi Ini, Bisnis.com, 2026-01-29; accessed 2026-10-11.
  3. Goldman Sachs Downgrade Triggers Second Trading Halt as Jakarta Composite Index Slides 8% in Minutes, Investor Trust (investortrust.id), date not shown; accessed 2026-10-11.
  4. Results of consultation on free float assessment of Indonesian securities, MSCI, 2026-01-27; accessed 2026-10-11.