TEMPO.CO, Jakarta - Indonesia Stock Exchange (IDX) has revised the methods to calculate high shareholding concentration (HSC), or shares with concentrated ownership, by adding new "price impact ratio" criterion.
IDX director Jeffrey Hendrik said the new method is part of the agency's commitment to carry out capital market reform.
According to Jeffrey, price impact ratio measures how much a stock's price changes relative to its velocity, wherein stocks with low transaction volume result in low velocity.
"Low velocity with significant price changes results in a high price impact ratio," said Jeffrey during a press conference at the Indonesia Stock Exchange office on Tuesday, July 14, 2026.
This price impact ratio criterion applies to issuers with a market capitalization of over Rp10 trillion, currently totaling 171. Jeffrey mentioned that there are 37 new issuers indicated as HSC using this new criterion. Thus, the total number of stocks with high ownership concentration has increased to 51.
Jeffrey emphasized that stocks indicated as HSC do not automatically violate capital market regulations, but they will be excluded from major indexes such as LQ45, IDX30, and IDX80.
This measure is in line with IDX's quarterly evaluation cycle. "The LQ45 review will kick off at the end of July and be enforced in early August. Therefore, we are announcing it today to utilize the new method in time with the LQ45 review period and in the following periods every 3 months," he said.
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