Jakarta. Blue-chip stocks came under pressure on Tuesday, while the Indonesia Stock Exchange (IDX) placed four companies under close monitoring ahead of MSCI’s latest index review announcement.

The stocks placed under Unusual Market Activity (UMA) monitoring are property developer Dafam Property Indonesia (DFAM), renewable energy firm Barito Renewables Energy (BREN), healthcare company Hetzer Medical Indonesia (MEDS) and telecommunications infrastructure provider Ekamas Mora Republik (MORA).

“The announcement of Unusual Market Activity does not necessarily indicate a breach of laws and regulations in the capital market sector,” the exchange said Tuesday.

The IDX said the stocks were flagged due to unusual price movements and trading volumes. Over the past month, DFAM shares have climbed 44.3%, MEDS surged 112.3% and MORA jumped 90.6%, while BREN declined 34.6%.

In Tuesday morning trading, MORA fell 15%, MEDS dropped 14.5%, DFAM slid 12% and BREN lost 1.85%.

The exchange said it is reviewing trading patterns in the four companies and urged investors to closely monitor company disclosures and responses to exchange inquiries.

The bourse also advised investors to reassess planned corporate actions that have yet to receive shareholder approval and to weigh potential risks before making investment decisions.

Indonesia’s benchmark Jakarta Composite Index rose as much as 0.6% at the open before reversing course to fall 0.9% nearly two hours into trading.

Several blue-chip stocks in the LQ45 index also came under pressure. Retail operator Sumber Alfaria Trijaya (AMRT) fell 4.38% to Rp 1,420, while petrochemical and energy company Barito Pacific (BRPT) dropped 2.52% to Rp 1,935. Battery materials producer Merdeka Battery Materials (MBMA) declined 2.44% to Rp 600, making them among the benchmark index’s biggest losers.

Meanwhile, shares of Indonesia’s largest private lender, Bank Central Asia (BBCA), extended losses for a third straight session. BBCA fell 1.63% to Rp 6,050 by 10:13 a.m. Jakarta time. The stock had already declined 0.8% on Friday and slipped 0.4% on Monday.

Investor attention is also centered on MSCI’s latest index review announcement, due Tuesday US time, or Wednesday morning in Indonesia.

MSCI previously confirmed Indonesia would remain under a market “freeze” in its May 2026 review, covering increases in Foreign Inclusion Factor (FIF) and Number of Shares (NOS), additions to the MSCI Investable Market Indexes (IMI), and promotions between market capitalization segments such as from Small Cap to Standard Index status.

According to research from Stockbit Sekuritas, MSCI is still expected to remove stocks classified as having high shareholding concentration (HSC), in line with its treatment of similar companies in other markets.

The brokerage said BREN and coal-to-energy conglomerate Dian Swastatika Sentosa (DSSA) are widely expected to be excluded from MSCI indexes because of their HSC status, potentially triggering selling pressure from passive funds once the deletions take effect.

BREN shares fell 1.85% to Rp 3,720 on Tuesday, while DSSA was unchanged at Rp 1,135.

Stockbit also warned about potential MSCI free-float adjustments using ownership data above 1%, particularly regarding how the index provider classifies strategic and non-strategic shareholders. Such adjustments could lead to further deletions or downgrades of Indonesian stocks into the small-cap index segment, the brokerage said.

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