Jakarta, IDN Times – The Jakarta Composite Index (JCI) faced significant downward pressure during the short trading week of May 11-13, finishing the period with a correction. Despite the overall bearish sentiment in the market, several stocks experienced notable volatility, recording significant gains and losses.
According to data from the Indonesia Stock Exchange (IDX), a major catalyst for the week’s market movement was the shake-up in the MSCI indices. Five companies were removed from the MSCI Global Standard Index and the MSCI Global Small Cap Index, triggering substantial selling pressure and placing them among the week’s top losers.
Four of the stocks removed from the MSCI Global Standard Index belong to the portfolio of Indonesia’s richest man, Prajogo Pangestu. These include PT Barito Renewables Energy Tbk (BREN), PT Chandra Asri Pacific Tbk (TPIA), PT Petrindo Jaya Kreasi Tbk (CUAN), and PT Dian Swastatika Sentosa Tbk (DSSA). Meanwhile, PT Bank Aladin Syariah Tbk (BANK) suffered a similar fate after being dropped from the MSCI Global Small Cap Index, landing it firmly on the list of top losers.
Below are the lists of the best and worst-performing stocks throughout the week’s trading sessions.
1. Top Losers of the Week
The following stocks recorded the sharpest declines during the week:
- PT Sillo Maritime Perdana Tbk (SHIP): down 37.54 percent to Rp2,180 per share.
- PT Sampoerna Agro Tbk (SGRO): down 24.15 percent to Rp3,140 per share.
- PT Petrindo Jaya Kreasi Tbk (CUAN): down 24.11 percent to Rp850 per share.
- PT Barito Renewables Energy Tbk (BREN): down 21.95 percent to Rp3,200 per share.
- PT Chandra Asri Pacific Tbk (TPIA): down 21.28 percent to Rp4,300 per share.
- PT Dian Swastatika Sentosa Tbk (DSSA): down 20.99 percent to Rp1,035 per share.
- PT MultiSpunindo Jaya Tbk (MSJA): down 20.38 percent to Rp418 per share.
- PT Tunas Alfin Tbk (TALF): down 19.66 percent to Rp715 per share.
- PT Itama Ranoraya Tbk (IRRA): down 19.22 percent to Rp412 per share.
- PT Bank Aladin Syariah Tbk (BANK): down 19.00 percent to Rp486 per share.
2. Top Gainers of the Week
Despite the broad market correction, these stocks managed to post strong returns for investors:
- PT Pelayaran Nasional Ekalya Purnamasari Tbk (ELPI): up 38.41 percent to Rp2,000 per share.
- PT Dua Putra Utama Makmur Tbk (DPUM): up 28.00 percent to Rp192 per share.
- PT Perdana Bangun Pusaka Tbk (KONI): up 24.63 percent to Rp3,390 per share.
- PT Krida Jaringan Nusantara Tbk (KJEN): up 24.44 percent to Rp168 per share.
- PT Esta Indonesia Tbk (NEST): up 20.90 percent to Rp590 per share.
- PT Dafam Property Indonesia Tbk (DFAM): up 20.19 percent to Rp125 per share.
- PT Mitra Energi Persada Tbk (KOPI): up 18.33 percent to Rp284 per share.
- PT Communication Cable Systems Indonesia Tbk (CCSI): up 16.81 percent to Rp278 per share.
- PT Ingria Pratama Capitalindo Tbk (GRIA): up 13.73 percent to Rp116 per share.
- PT Folago Global Nusantara Tbk (IRSX): up 13.17 percent to Rp464 per share.
3. JCI Declines Over 3 Percent
The JCI experienced a sharp correction of 3.53 percent over the three-day trading week, closing at 6,723.320, down from the previous week’s position of 6,936.396.
This downward trend also affected the overall market capitalization on the IDX. The total market cap contracted by 4.68 percent to Rp11,825 trillion, compared to the previous week’s total of Rp12,406 trillion.
Summary
The Jakarta Composite Index (JCI) experienced a significant downturn during the trading week of May 11-13, recording a 3.53 percent correction and a notable contraction in total market capitalization. This bearish trend was heavily influenced by the removal of several companies from the MSCI Global Standard and Small Cap indices, which triggered substantial selling pressure across the market.
Among the week’s worst-performing stocks were several firms linked to Indonesia’s wealthiest individual, Prajogo Pangestu, specifically BREN, TPIA, CUAN, and DSSA. While these stocks faced sharp declines due to the index reshuffle, other companies like PT Sillo Maritime Perdana Tbk and PT Sampoerna Agro Tbk also saw significant losses, though some stocks managed to post gains despite the overall market volatility.
