Singapore, Jan 28, 2026, 15:13 SGT — Regular session
Shares of Jardine Matheson Holdings Limited dropped 4.4%, slipping to $72.91 during Wednesday afternoon trading in Singapore. 1
Indonesian stocks took a sharp hit after MSCI raised red flags over ownership structures and free float—the portion of shares available for trading. Jakarta’s main index tumbled nearly 7% at the open, sparking a temporary trading halt, according to the Business Times. Gary Tan, portfolio manager at Allspring Global Investments, warned the MSCI move might trigger further selling, noting, “How Indonesia responds will be a key test.” 2
Jardine Matheson holds significant exposure to Indonesia via Jardine Cycle & Carriage’s 50.1% stake in Astra, the diversified Indonesian conglomerate known for its large automotive and financial services operations. 3
The Singapore-listed stock ended Tuesday at $76.28, up roughly 2% after hitting a high of $76.64. 4
Wednesday’s trading saw it move within a range of $72.65 to $76.31, per data from 9 .
The company has been busy with buybacks, repurchasing 78,800 shares on Jan. 27 at $75.6692 apiece, according to an RNS announcement. It plans to cancel those shares. 5
The previous day, it repurchased 50,000 shares at $74.7185 each, also intending to cancel them. 6
Jardine revealed insider purchases this week. Director Lincoln Pan bought 20,400 shares on Jan. 23, 26, and 27, spending a total of $1.53 million on the Singapore Exchange, according to a filing. 7
But buybacks and insider buying only go so far if the selloff in Indonesia worsens into a lasting foreign exodus. Jardine’s holdings focus on consumer demand and autos across Asia—sectors that usually feel the pinch first when risk appetite shrinks.
Traders are closely watching for moves from MSCI and Indonesian regulators after MSCI flagged the risk of downgrading Indonesia from emerging to frontier market status—a label reserved for less accessible markets—if current issues aren’t fixed by May. “The key question for investors is whether governance in Indonesia is worse than they’d thought,” said Thomas Mathews, head of Asia-Pacific markets at Capital Economics. 8
