JAKARTA — A series of stocks linked to tycoon Prajogo Pangestu dominated the list of top losers this week as the market reacted to the latest rebalancing of the MSCI Global Standard Index. The significant decline in Barito Group stocks weighed heavily on the Jakarta Composite Index (JCI), forcing it to close in the red throughout the trading week of May 11–13, 2026.
According to weekly statistical data from the Indonesia Stock Exchange (IDX), PT Sillo Maritime Perdana Tbk. (SHIP) recorded the steepest decline, falling 37.54% to Rp2,180 from the previous week’s Rp3,490.
The downturn extended to other major players, including PT Prime Agri Resources Tbk. (SGRO) and PT Petrindo Jaya Kreasi Tbk. (CUAN). SGRO occupied the second spot on the list after tumbling 24.15% to close at Rp3,140 per share. Meanwhile, CUAN, owned by Prajogo Pangestu, saw its value drop by 24.11%, sliding from Rp1,120 to Rp850. This sharp correction coincided with MSCI’s announcement to remove CUAN from the MSCI Global Standard Index.
Other assets under the Prajogo Pangestu umbrella, namely PT Barito Renewables Energy Tbk. (BREN) and PT Chandra Asri Pacific Tbk. (TPIA), were also among the week’s biggest losers. Both stocks saw double-digit declines of 21.95% and 21.82%, respectively, following MSCI’s decision to exclude them from the global benchmark index.
Rounding out the list of the week’s worst performers were PT Dian Swastatika Sentosa Tbk. (DSSA), which corrected by 20.99% to Rp1,035, and PT Multi Spunindo Jaya Tbk. (MSJA), which dipped 20.38% to Rp418 per share.
The downward pressure continued across the board, with PT Tunas Alfin Tbk. (TALF) falling 19.66% to Rp715, PT Itama Ranoraya Tbk. (IRRA) dropping 19.22% to Rp412, and PT Bank Aladin Syariah Tbk. (BANK) weakening by 19.00% to Rp486.
Amid this market volatility, the JCI retreated 3.53% to end the week at 6,723.32. The market capitalization of the bourse also contracted by 4.68%, dropping to Rp11,825 trillion from the previous week’s figure of Rp12,406 trillion.
“The average daily transaction value this week saw an adjustment of 18.78%, falling to Rp18.82 trillion from Rp23.05 trillion the previous week,” noted IDX Corporate Secretary Kautsar Primadi Nurahmad.
As the trading week concluded on Wednesday, May 13, 2026, foreign investors recorded a net sell of Rp1.53 trillion. This brought the total cumulative foreign net sell for the year 2026 to Rp40.82 trillion.
The following is the list of top losers for May 11 – 13, 2026:
1. SHIP: -37.54% – Rp2,180
2. SGRO: -24.15% – Rp3,140
3. CUAN: -24.11% – Rp850
4. BREN: -21.95% – Rp3,200
5. TPIA: -21.82% – Rp4,300
6. DSSA: -20.99% – Rp1,035
7. MSJA: -20.38% – Rp418
8. TALF: -19.66% – Rp715
9. IRRA: -19.22% – Rp412
10. BANK: -19.00% – Rp486
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Summary
Stocks associated with tycoon Prajogo Pangestu, including Petrindo Jaya Kreasi (CUAN), Barito Renewables Energy (BREN), and Chandra Asri Pacific (TPIA), experienced sharp double-digit declines this week. This downturn was primarily driven by the latest MSCI Global Standard Index rebalancing, which saw several of these entities removed from the index. Consequently, these movements exerted significant downward pressure on the Jakarta Composite Index (JCI).
The JCI concluded the week with a 3.53% decline to 6,723.32, accompanied by a contraction in total market capitalization. Market volatility was further exacerbated by foreign investors recording a net sell of Rp1.53 trillion for the period. Alongside Pangestu-linked stocks, companies such as Sillo Maritime Perdana (SHIP) and Prime Agri Resources (SGRO) were also among the top losers as average daily transaction values dropped by 18.78%.
