Jakarta. Indonesia's decision to lower the minimum share price from Rp 50 to Rp 1 has begun allowing previously stagnant stocks to find new market-driven prices, with some showing improved liquidity after falling below the old floor, the Financial Services Authority (OJK) said Monday.

The Indonesia Stock Exchange (IDX) introduced the new Rp 1 floor on Sept. 28, allowing shares previously trapped at Rp 50 to trade below that level and find prices determined more freely by investor demand and supply.

OJK Chief Executive for Capital Markets, Financial Derivatives and Carbon Exchange Supervision Hasan Fawzi said the regulator had supported the change from the outset and was encouraged by its initial implementation.

“Since its implementation on Sept. 28, we have seen that a reasonable market price formation, or price discovery mechanism, has begun to take place,” Hasan told an online news conference.

According to Hasan, the effect can be seen in stocks that had previously remained stuck at the Rp 50 minimum but are now actively trading below that level.

“We can see several stocks that previously had no trading activity at the Rp 50 minimum price are now trading well below Rp 50, with sufficiently high and adequate liquidity,” Hasan said, without naming the stocks.

The change does not mean stocks previously priced at Rp 50 will necessarily continue falling toward Rp 1.

Rather, removing the old floor gives buyers and sellers a wider range in which to determine what they consider an appropriate market price. The Rp 1 level is the new minimum permitted trading price, not a target for low-priced stocks.

Hasan said some shares initially declined below Rp 50 before stabilizing at new levels, while others subsequently began to recover.

“Once they reach a new equilibrium and market price, we can also see that the share prices do not continue falling,” he said. “They begin to stabilize, and some have even started to rise.”

OJK said the process suggests the market is beginning to establish new equilibrium prices based on supply and demand.

The regulator expects the resulting prices to better reflect investors' assessment of listed companies' fundamentals and prospects.

The removal of the Rp 50 floor has attracted particular attention because it gives low-priced stocks considerably more room to move.

Before the change, shares whose market value might have fallen below Rp 50 could become effectively stuck at the exchange-imposed floor, sometimes with little trading activity. Under the new system, investors can transact at lower prices until buyers and sellers establish a new equilibrium.

Ahead of the change, IDX said the objective was to improve both liquidity and price discovery for stocks that had remained at Rp 50 for prolonged periods.

Hasan said similar arrangements are used by exchanges elsewhere and that OJK considers the removal of the old minimum consistent with international market practices.

“OJK and the Indonesia Stock Exchange will continue to supervise and evaluate all IDX-listed stocks comprehensively,” he said.

JCI Down Nearly 30% This Year
The change comes during an exceptionally difficult year for Indonesia's stock market.

The Jakarta Composite Index (JCI) closed September at 6,071.13, down 29.79% since the beginning of the year.

Foreign investors recorded Rp 10.24 trillion ($570 million) in net stock sales in September alone, reversing a Rp 1.19 trillion net purchase in August. Cumulative foreign net selling reached Rp 105.63 trillion ($5.9 billion) during the first nine months of 2026.

Hasan attributed the broader market weakness to a combination of global and domestic factors.

Global pressures include geopolitical uncertainty, disruptions to commodity distribution and higher commodity prices, which could add to inflation while slowing global economic growth, he said.

The prospect of global interest rates remaining higher for longer has also put pressure on the rupiah and domestic financial markets, prompting investors—particularly foreign investors—to adjust their exposure to Indonesian assets.

Domestically, Hasan said investors continue to monitor government policies and their implementation.

OJK nevertheless sees room for the domestic stock market to recover, noting that the index has rebounded from its June low.

The steep decline in the broader market should not be conflated with the removal of the Rp 50 stock-price floor.

IDX has said the 26 stocks trading at Rp 50 before the new rule took effect represented only 1.91% of the JCI's weight. Their declines on the first day of the new regime contributed an estimated 0.27 percentage points, or 16.707 points, to the index's fall.

OJK said it would work with IDX and other self-regulatory organizations, market participants and stakeholders to strengthen transparency, governance and investor protection.

“We will continue to ensure that the integrity and investability of our capital market are maintained so that it can grow sustainably over time,” Hasan said.

Investor Numbers Continue to Rise
Despite the market downturn, Indonesia's capital-market investor base has continued to expand.

OJK recorded 1.03 million additional investors in September, bringing the total to 32.17 million. The number was up 57.96% from the beginning of the year.

Domestic companies raised Rp 186.03 trillion through public offerings in the capital market during the first nine months of 2026, equivalent to about 74.4% of OJK's Rp 250 trillion full-year target.

OJK said 29 additional public offerings remained in the pipeline, with an indicative combined value of Rp 26.47 trillion.

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