Analysis of the Causes of the IHSG's 2% Fall Today, Touching the 6,100 Level

Jakarta, CNBC Indonesia— The Jakarta Composite Index (IHSG) remained trading down more than 2% in Thursday morning trade (21 May 2026), amid a broad sell-off in Prajogo Pangestu group stocks, commodity issuers, and high-growth names. By 09:54 WIB, IHSG was around the 6,100 level after having slumped more than 2% earlier. Selling pressure appeared increasingly concentrated on conglomerates and the utilities sector.

Sector data showed utilities the biggest laggard, down 7.51%. Raw materials fell 5.78%, energy shed 3.22%, health down 3.13%, and technology down 2.54%. In contrast, the financial sector was the only primary support, up 0.51%.

Big banks were the biggest index drag supporters; Bank Central Asia (BBCA) contributed 9.37 points to the IHSG, followed by Bank Rakyat Indonesia (BBRI) with 4.70 points, Bank Negara Indonesia (BBNI) 1.30 points, and Bank Mandiri (BMRI) 0.78 points.

But timing pressure came from conglomerates and energy stocks. Mora Telematika Indonesia (MORA) was the heaviest drag with a negative 13 points, followed by Astra International (ASII) -9.98 points, Barito Renewables Energy (BREN) -9.96, Bumi Resources Minerals (BRMS) -9.76, and Barito Pacific (BRPT) -8.72. Pressure also weighed on Dian Swastatika Sentosa (DSSA), Merdeka Gold Resources (MDKA), Chandra Asri Pacific (TPIA), and Amman Mineral International (AMMN).

In terms of share price changes, Prajogo Pangestu group firms all fell sharply. Barito Pacific (BRPT) down 8.72%, Barito Renewables Energy (BREN) down 9.68%, and Chandra Asri Pacific (TPIA) down 14.66%. Petrindo Jaya Kreasi (CUAN) down 6.78%, Petrosea (PTRO) down 7.50%, and Chandra Daya Investasi (CDIA) down 5.70%.

The market remained aggressive in selling Prajogo Pangestu stocks after MSCI excluded BREN, TPIA, and CUAN from its Global Standard Index. The decision will take effect at the close of trading on 29 May 2026.

Additionally, based on market patterns, investors appeared to sell high-valuation and high-volatility stocks after Bank Indonesia raised the policy rate by 50 basis points to 5.25%. Meanwhile, large bank stocks were relatively favored as defensive plays in a high-rate environment.