IHSG Closes in Red as Bank Stocks Plunge in Unison

The Jakarta Stock Exchange’s main index (IHSG) unexpectedly closed in the red after an initial surge on Friday (29 May 2026), extending the correction since the pre-Eid al-Adha trading session. After rising 87.69 points (1.43%) to 6,217.88 in the first session, the IHSG closed just 2.8 points lower (-0.05%) at 6,127.38. Trading value today reached a massive Rp50.15 trillion, with 47.21 billion shares exchanged over 2.38 million transactions—the highest in recent exchange history. Of the traded stocks, 271 advanced, 409 declined, and 137 remained flat. Barito Group stocks were heavily traded, with TPIA at Rp8.6 trillion, BREN at Rp4.5 trillion, BRPT at Rp4.1 trillion, CUAN at Rp2.4 trillion, PTRO at Rp2.2 trillion, and CDIA at Rp65.6 billion. Banking stocks and large-cap issuers also saw substantial activity, including BBCA at Rp11.64 trillion, AMMN at Rp8 trillion, BBRI at Rp6.4 trillion, TLKM at Rp5 trillion, ASII at Rp4.8 trillion, and BMRI at Rp3.6 trillion. According to Refinitiv data, most sectors rose today, with infrastructure, raw materials, and technology leading gains, while consumer finance and property recorded the steepest declines. Bank issuers collectively weakened in the closing session, dragging the IHSG down, with BBCA and BBRI contributing 25 and 19 points respectively. Other stocks weighing on the index included TLKM, ASII, BBNI, and BMRI. Conversely, conglomerate issuers that had previously struggled following MSCI and FTSE announcements surged in unison today, driving the IHSG’s performance. BREN shares surged to the upper circuit limit (a 25% gain) at Rp3,300, driving the IHSG with a 24.35-point contribution. Other Prajogo stocks, including BPRT, also hit the upper circuit limit, adding 21.66 points. Other conglomerate stocks supporting the IHSG included PTRO, AMMN, DSSA, CUAN, MORA, BUVA, CDIA, and DNET.