HSC Update - HSC Exclusion: Toward a More Representative JCI
Improving Benchmark Representativeness IDX plans to exclude about 80 High Shareholding Concentration (HSC) stocks, c.18% of the JCI by its estimate, from the index calculation from early November, according to IDX, with the stated aim of giving a fairer picture of market movements; the exact date and methodology have yet to be published. We view this as a constructive refinement of JCI methodology, as large market capitalisation does not always mean a large pool of shares available to independent investors. The more important change is in what drives the index: on a simple full market cap share of the remaining universe, the four largest banks would rise from 16.1% to c.22.4%, although actual weights will depend on IDX's final methodology.
-Rully Arya Wisnubroto
DownloadOct 20, 2026
