Conglomerate Stocks Battered This Year, Who Suffered the Most?

The Composite Stock Price Index (IHSG) has recorded a significant correction throughout the first half of 2026. Trading data shows the domestic benchmark index has fallen from a position of 8,646.94 to its current level of 5,643.19. This deep weakening has put pressure on the majority of listed companies, including shares under large conglomerate groups in Indonesia. In line with the negative trend in the IHSG, shares from major business groups have recorded negative year-to-date performance. Based on the latest market data, all monitored conglomerate shares experienced corrections ranging from 28% to as high as 80%. Shares of PT Dian Swastatika Sentosa Tbk (DSSA) recorded the sharpest decline with a correction of -80.32%. Meanwhile, shares of PT Pradiksi Gunatama Tbk (PGUN) recorded a relatively more moderate decline compared to other issuers on the list, at -28.90%. Large market capitalisation issuers that previously drove index movements are now also under selling pressure. PT Barito Renewables Energy Tbk (BREN) and PT Chandra Asri Pacific Tbk (TPIA) fell by -68.14% and -76.36%, respectively. Other affiliated issuers, namely PT Barito Pacific Tbk (BRPT) and PT Petrindo Jaya Kreasi Tbk (CUAN), also weakened with year-to-date performances of -60.70% and -77.35%. The correction in these conglomerate stocks is one of the factors weighing on the IHSG. Given that a number of these shares carry large market capitalisation weightings, their price fluctuations directly burden the index calculation. Current market conditions reflect investor caution in responding to market dynamics amid the overall index decline. The data shows a uniform trend of declining value in sectors controlled by large groups throughout the year.