雅加达讯——印度尼西亚证券交易所将把所有高股权集中度（HSC）股票从基准雅加达综合指数（JCI）中剔除，此举是在全球指数提供商MSCI考虑将该国从新兴市场降级为独立市场地位之际作出的。
JAKARTA -- The Indonesia Stock Exchange will exclude all stocks with high shareholding concentration (HSC) from its benchmark Jakarta Composite Index (JCI), as global index provider MSCI considers downgrading the country from emerging market to standalone market status.
印度尼西亚证券交易所总裁兼主任杰弗里·亨德里克强调，这一举措并不构成退市，而是将这些股票从JCI的计算中移除。HSC股票已被排除在交易所的多个旗舰指数之外，包括IDX30、LQ45和IDX80。
IDX President Director Jeffrey Hendrik stressed that the move would not constitute a delisting, but would instead remove the stocks from the JCI's calculation. HSC stocks are already excluded from several of the exchange's flagship indexes, including the IDX30, LQ45 and IDX80.
“目的是在考虑到HSC股票可能带来的潜在风险的情况下，提供更具代表性的JCI走势图景。这些股票占JCI权重的18%。”亨德里克在新闻发布会上表示，但未说明该计划何时实施。
"The aim is to provide a more representative picture of the JCI's movements, given the potential risks associated with HSC stocks. These stocks account for 18% of the JCI's weighting," Hendrik said at a press conference without specifying when the plan would be implemented.
印度尼西亚证券交易所发展主任伊丁·帕尔迪表示，截至10月19日，总计1017只股票中有80只被列为HSC，其中31只涉嫌资本市场违规，并面临金融服务管理局和执法机构的行动。这些股票包括Barito Renewable Energy、Petrindo Jaya Kreasi和Dian Swastatika Sentosa，它们周五被监管机构共处以2.1万亿印尼盾（1.16亿美元）的罚款。
IDX Development Director Iding Pardi said 80 out of a total 1,017 stocks were classified as HSC as of October 19, with 31 suspected of capital market violations and facing action by the Financial Services Authority and law enforcement agencies. They include Barito Renewable Energy, Petrindo Jaya Kreasi and Dian Swastatika Sentosa , which were fined a combined 2.1 trillion Indonesian rupiahs ($116 million) by the regulator on Friday.
印度尼西亚证券交易所最近与印度尼西亚中央证券存管机构扩大了对HSC的审查，包括对市值超过5万亿印尼盾的股票应用价格影响比率方法，此前的门槛为10万亿印尼盾。
The IDX recently expanded its HSC review with the Indonesia Central Securities Depository, including by applying a price impact ratio methodology to stocks with market capitalizations above IDR 5 trillion, down from the previous threshold of IDR 10 trillion.
此外，亨德里克表示，随后从HSC名单中移除的股票在满足自由流通股要求后，将有资格重新加入JCI的计算。他补充说，对股票被列为高股权集中度的发行人不会施加额外制裁。
Furthermore, Hendrik said stocks that are subsequently removed from the HSC list will be eligible to rejoin the JCI's calculation after meeting the free-float requirements, Hendrik said, adding that no additional sanctions would be imposed on issuers whose stocks are classified as high shareholding concentration.
Mirae Asset Sekuritas Indonesia 高级技术分析师 Nafan Aji Gusta 评估称，将 HSC 股票从 JCI 计算中剔除是提升指数质量和可信度的积极一步。“这项政策可以使 JCI 更好地代表所有权分布更广、流动性更健康的股票走势，”他对《日经亚洲》表示。
Mirae Asset Sekuritas Indonesia Senior Technical Analyst Nafan Aji Gusta assessed that the removal of HSC shares from the JCI calculation is a positive step towards improving the index's quality and credibility. "This policy can make the JCI better represent the movements of stocks with wider ownership distribution and healthier liquidity," he told Nikkei Asia.
Samuel Sekuritas Indonesia 研究总监 Harry Su 估计，如果将 HSC 名单上的所有股票从指数计算中剔除，JCI 有可能从 4,996.60 上涨 18.6% 至 5,925。Su 表示，在股市调整期间，HSC 名单上的股票是拖累指数的主要因素之一。通过将这些股票从指数计算中剔除，JCI 有可能会更高。
Harry Su, Managing Director of Research at Samuel Sekuritas Indonesia estimates that the JCI could potentially rise 18.6% to 5,925 from 4,996.60 if all stocks on the HSC list were removed from the index calculation. Su said that stocks on the HSC list were among the biggest drags on the index amid the stock market correction. By excluding these stocks from the index calculation, the JCI could potentially be higher.
“HSC 股票跌幅最大。因此，如果将它们剔除，我们的指数将上涨。HSC 对指数的拖累最大，”Su 对《日经亚洲》表示。
"HSC stocks have fallen the most. So if they are removed, our index will rise. HSC has the biggest drag on the index," Su told Nikkei Asia.
印尼证券交易所（IDX）还将在其于 3 月 3 日发布的持股比例超过 1% 的披露中提供更多细节，明确说明股东是否与公司有关联。
The IDX will also provide additional details in its disclosures of shareholdings above 1%, which was published on March 3, specifying whether shareholders are affiliated with the companies.
此项股东披露是印尼资本市场改革议程的一部分， alongside 更细致的投资者分类、识别持股高度集中的股票，以及逐步将最低自由流通股比例要求提高至 15%。
This disclosure of shareholders is part of Indonesia's capital market reform agenda, alongside more granular investor classification, the identification of stocks with high shareholding concentrations, and a gradual increase in the minimum free-float requirement to 15%.
IDX 还废除了每股 50 印尼卢比的最低价格限制，以提升市场流动性并改善价格发现。“我们取消 50 卢比的最低价格规定，不仅仅是为了满足全球指数提供商的需求，而是因为这对我们的市场最有利，” Hendrik 表示。
The IDX has also abolished the IDR 50 minimum price to boost market liquidity and improve price discovery. "We are removing the 50-rupiah minimum price rule no longer solely for global index providers, but because it is what is best for our market," Hendrik said.
IDX 的这一决定是在周一下午与 MSCI 的线上会议之后作出的。然而，会议期间讨论的具体内容尚未披露。
The IDX's decision came after an online with MSCI on Monday afternoon. However, the specifics of what was discussed during the meeting were not disclosed.
然而，明确的是，此次会议旨在澄清MSCI将印尼置于咨询状态的潜在理由，即考虑将其从新兴市场重新分类为独立市场。 Mirae Asset Securitas Indonesia的Gusta表示：“然而，更根本的问题是股权结构是否透明、公开流通股份的数量是否可验证，以及是否存在针对价格操纵和协同交易指控的一致执法。” IDX的公告是在周一收盘后发布的。
What is clear, however, is that the meeting sought to clarify MSCI's underlying rationale for placing Indonesia under consultation for a potential market reclassification from emerging to standalone status. Gusta of Mirae Asset Securitas Indonesia said "however, the more fundamental issues are whether the share ownership structure is transparent, whether the number of shares actually circulating in the public domain can be verified, and whether there is consistent law enforcement against allegations of price manipulation and coordinated trading." IDX's announcement came after Monday's market close.
周一，印尼综合指数（JCI）一度跌超5%，盘中触及4,907.37点的低点。尽管市场在收盘时出现回购，但最终收于4,996.61点，为2020年10月以来的最低水平。
The JCI at one point fell over 5% on Monday to an intraday low of 4,907.37. The market saw a buyback toward the close, but ended at 4,996.61, a low since October 2020.
该指数的跌幅较周五有所缓和，因为印尼交易所（IDX）将高于11卢比股票的自动拒绝下限阈值从15%降至7%。周五，印尼综合指数暴跌，收盘下跌11.5%，即678.675点，报5,185.105点，创下28年来最大点位跌幅。
The decline was less severe than Friday's, after the IDX lowered the threshold for its lower auto-rejection limit for stocks priced above 11 rupiah to 7% from 15%. On Friday, the index plunged and closed down 11.5%, or 678.675 points, at 5,185.105, marking the largest points drop in 28 years.