Conglomerate Stocks Battered This Year, Who Suffered the Most?

The Indonesia Composite Index (IHSG) has recorded a significant correction throughout the first semester of 2026. Trading data shows that the domestic stock exchange’s benchmark index has declined from a position of 8,646.94 to its current level of 5,643.19.

This deep index weakness has also exerted pressure on the majority of issuers in the capital market, including stocks under the umbrella of large Indonesian conglomerate groups.

Decline in Market Capitalisation of Conglomerate Issuers

In line with the negative trend in the IHSG movement, stocks from various large business groups have recorded negative year-to-date (YTD) performance. Based on the latest market data, all monitored conglomerate stocks have experienced corrections within a decline range of 28% to 80%.

PT Dian Swastatika Sentosa Tbk (DSSA) recorded the sharpest decline with a correction of -80.32%. Meanwhile, PT Pradiksi Gunatama Tbk (PGUN) recorded a relatively more moderate decline compared to other issuers on this list, at -28.90%.

Large-cap issuers that previously drove index movements are now also facing selling pressure. PT Barito Renewables Energy Tbk (BREN) and PT Chandra Asri Pacific Tbk (TPIA) slipped by -68.14% and -76.36%, respectively.

Other affiliated stocks, namely PT Barito Pacific Tbk (BRPT) and PT Petrindo Jaya Kreasi Tbk (CUAN), also weakened with YTD performances of -60.70% and -77.35%.

Impact on Capital Market Dynamics

The correction in this series of conglomerate stocks has been one of the factors weighing on the movement of the IHSG. Given that several of these stocks have large market capitalisation weights, their price fluctuations directly impact the index calculation.

The current market condition reflects investor caution in responding to market dynamics amidst the overall weakening of the index. The overall data indicates a widespread downward trend in value across sectors controlled by large groups throughout 2026.