Prajogo Pangestu's listed companies slump as IHSG slides

News report on 21 May 2026 from Jakarta: Shares owned by conglomerate Prajogo Pangestu tumbled in the first trading session, amid negative sentiment following the removal of several group issuers from the MSCI Global Index. The Prajogo Pangestu group’s shares broadly faced heavy selling pressure throughout the session until near the close of the first session. PT Chandra Asri Pacific Tbk (TPIA) was among the hardest hit, plunging 14.66 per cent to Rp 2,270. The stock even hit the lower auto-rejection limit (ARB) at around Rp 2,270 after opening at Rp 2,450 and briefly reaching a high of Rp 2,460. TPIA’s transaction value reached Rp 161.80 billion with a trading volume of around 694,770 lots. Pressure also weighed on PT Barito Pacific Tbk (BRPT) shares, which fell 13.08 per cent to Rp 1,495. The stock opened around Rp 1,755 and briefly touched a high of Rp 1,770, before continuing to fall toward the ARB at Rp 1,465. BRPT’s turnover reached Rp 458.74 billion with a trading volume of around 2.90 million lots. PT Petrosea Tbk (PTRO) was also not spared, down 12.25 per cent to Rp 3,510, after opening at Rp 4,080. The stock briefly traded at a high of Rp 4,130 before sliding to a low of Rp 3,500. PTRO’s turnover was Rp 245.05 billion. Similar weakness was seen in PT Petrindo Jaya Kreasi Tbk (CUAN) shares, down 11.02 per cent to Rp 525. The stock opened at Rp 590 and briefly rose to Rp 600 before weakening to a low of Rp 525, near the ARB at Rp 505. PT Chandra Daya Investasi Tbk (CDIA) fell 8.23 per cent to Rp 725. The stock opened at Rp 800 and briefly touched a high of Rp 815, before retreating to Rp 720. The weakness of Prajogo Pangestu’s group stocks was a major factor weighing on the Jakarta Composite Index (IHSG) during the day. The IHSG remained under pressure on Thursday trading. By around 11:46 WIB, the IHSG had fallen 175.476 points or 2.78 per cent to 6,143.023. The IHSG opened around 6,366.485 and briefly reached a high of 6,378.811, but selling pressure pushed the index down to a low of 6,139.888. The weakness was broad-based, with 591 stocks in the red, 121 up and 99 flat. Trading activity was brisk, with a volume of 18.908 billion shares. Market turnover stood at Rp 9.345 trillion, with 1,226,014 trades. The market capitalisation of the Indonesia Stock Exchange (BEI) fell to Rp 10,635.303 trillion.