Listed but Not Traded: Concentration, Dormancy, and the Fading Liquidity of New Listings on the Indonesia Stock Exchange
- Publication History
- Published online: October 1, 2026
- DOI
- https://doi.org/10.35877/454RI.qems5016
- Copyright
- Copyright (c) 2026 Yulia Yunita Yusuf
- User License
- https://creativecommons.org/licenses/by-nc-sa/4.0
Abstract
This study maps how trading is distributed across the listed universe of the Indonesia Stock Exchange and asks whether new listings stay tradable. Daily records for every listed stock are collected for the 474 trading days between October 2024 and September 2026, covering 908 stocks, 20,696 stock-months and IDR 7,435.6 trillion of trading value. Trading is extremely concentrated. The Gini coefficient of trading value across stocks is 0.8777, nineteen stocks account for half of all turnover, and the 200 most traded stocks account for 92.96 percent. At the other end, 385 stocks, or 42.40 percent of the list, together account for 0.78 percent of trading value, and 91 stocks trade less than IDR 100 million a day. Concentration does not ease over the period. The study then follows the 40 companies that listed inside the observation window. Their mean daily trading value falls from IDR 60.16 billion in the first quarter after listing to IDR 11.91 billion after eighteen months, and their quoted spread widens from 0.727 to 0.953 percent. Within the same stock, and controlling for market capitalisation and market conditions, trading value declines by 10.15 percent a month, which compounds to 72.31 percent over a year. Adding listings has expanded the count of the market without expanding its tradable depth.
Keywords
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