JAKARTA — The Composite Stock Price Index (IHSG) faced significant downward pressure during the trading week of May 18 to 22, 2026, as several major-cap stocks became the primary laggards weighing on the market’s performance.
According to data from the Indonesia Stock Exchange (IDX), stocks associated with Prajogo Pangestu’s portfolio led the decline. PT Chandra Asri Pacific Tbk. (TPIA) emerged as the top drag on the index, plummeting 53.49% throughout the week and stripping 47.55 points from the IHSG. Following closely, Sinarmas Group’s PT Dian Swastatika Sentosa Tbk. (DSSA) saw a 47.34% correction, contributing to a 43.21-point decline in the index. PT Barito Renewables Energy Tbk. (BREN) also struggled, falling 23.44% and dragging the index down by 27.67 points.
The downward trend was widespread among heavyweights. PT Barito Pacific Tbk. (BRPT) fell 22.84%, erasing 26.72 points from the IHSG, while PT Amman Mineral Internasional Tbk. (AMMN) dropped 21.62%, contributing to a 21.01-point decline. Other notable stocks that weighed on the market include PT Bumi Resources Minerals Tbk. (BRMS), which fell 18.18%, and coal giant PT Bayan Resources Tbk. (BYAN), which dipped 10.71%.
Rounding out the list of major laggards were banking giant PT Bank Central Asia Tbk. (BBCA), which fell 3.28%, followed by PT Astra International Tbk. (ASII) and PT Petrindo Jaya Kreasi Tbk. (CUAN), which declined 6.09% and 39.41%, respectively.
Weekly Top Laggards of the IHSG (May 18—22, 2026):
| Code | Price Change (%) | Market Cap (Trillion Rp) | IHSG Impact (Points) |
| TPIA | -53.49 | 18.44 | -47.55 |
| DSSA | -47.34 | 21.44 | -43.21 |
| BREN | -23.44 | 40.32 | -27.67 |
| BRPT | -22.84 | 40.28 | -26.72 |
| AMMN | -21.62 | 39.31 | -24.31 |
| BRMS | -18.18 | 42.18 | -21.01 |
| BYAN | -10.71 | 70.90 | -19.07 |
| BBCA | -3.28 | 246.55 | -18.74 |
| ASII | -6.09 | 96.10 | -13.96 |
| CUAN | -39.41 | 9.19 | -13.40 |
Overall, the IHSG shed 8.35% during the week, closing at 6,162.04. This decline occurred amid increased trading activity and persistent selling pressure from foreign investors.
Kautsar P. Nurahmad, Corporate Secretary of the Indonesia Stock Exchange, noted that total market capitalization eroded by 10.07%, dropping to Rp10,635 trillion from the previous week’s Rp11,825 trillion—a total loss of approximately Rp1,190 trillion in just five days.
“Despite the market decline, the average daily transaction value actually rose by 15.68% to Rp21.77 trillion, compared to Rp18.82 trillion the previous week,” Kautsar stated on Saturday (May 23, 2026). He added that the average daily trading volume also increased by 2.53%, reaching 36.67 billion shares.
However, the average daily transaction frequency decreased by 6.5% to 2.37 million trades, suggesting that large-value transactions dominated market activity during this period of high volatility. Meanwhile, foreign investors remained net sellers, recording a net sell of Rp309.52 billion on Friday (May 22, 2026). Year-to-date for 2026, foreign investors have recorded a total net sell of Rp41.63 trillion.
Disclaimer: This article is for informational purposes only and does not constitute financial advice or an invitation to buy or sell any securities. Investment decisions remain the sole responsibility of the reader. The publisher is not liable for any losses or gains arising from the reader’s investment choices.
Summary
The Indonesia Composite Stock Price Index (IHSG) experienced a significant downturn between May 18 and 22, 2026, falling 8.35% to close at 6,162.04. This decline was primarily driven by heavy losses in major-cap stocks, including PT Chandra Asri Pacific Tbk. (TPIA), PT Dian Swastatika Sentosa Tbk. (DSSA), and PT Barito Renewables Energy Tbk. (BREN). These declines, alongside drops in other key entities like BRPT and AMMN, resulted in a total market capitalization loss of approximately Rp1,190 trillion.
Despite the sharp decrease in market value, trading activity remained high, with the average daily transaction value rising by 15.68% to Rp21.77 trillion. Market pressure was exacerbated by persistent selling from foreign investors, who recorded a net sell of Rp309.52 billion on the final day of the week. While trading volumes increased, the decrease in transaction frequency suggests that large-value sell-offs dominated the market during this period of high volatility.
