JAKARTA — Shares associated with conglomerate Prajogo Pangestu dominated the list of top losers this week as market sentiment soured following the latest MSCI Global Standard index rebalancing. The significant sell-off in Barito Group stocks served as a major drag on the Jakarta Composite Index (JCI), which remained in the red throughout the May 11–13, 2026, trading period.
According to weekly statistical data from the Indonesia Stock Exchange (IDX), PT Sillo Maritime Perdana Tbk. (SHIP) led the decline, plummeting 37.54% to close at Rp2,180 from the previous week’s Rp3,490.
Market Turmoil: The Impact of MSCI Rebalancing
Substantial corrections were also recorded by PT Prime Agri Resources Tbk. (SGRO) and PT Petrindo Jaya Kreasi Tbk. (CUAN). SGRO occupied the second spot on the list after dropping 24.15% to Rp3,140 per share. Meanwhile, CUAN, owned by tycoon Prajogo Pangestu, suffered a 24.11% decline, falling from Rp1,120 to Rp850 per share. This sharp correction coincided with MSCI’s announcement that CUAN would be removed from the MSCI Global Standard Index.
Other stocks under the Prajogo Pangestu umbrella, namely PT Barito Renewables Energy Tbk. (BREN) and PT Chandra Asri Pacific Tbk. (TPIA), also featured among the week’s top losers, sliding 21.95% and 21.82%, respectively. Their downward trend followed the MSCI decision to delete both stocks from the global 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, followed by PT Multi Spunindo Jaya Tbk. (MSJA), which dipped 20.38% to Rp418 per share.
Broader JCI Performance
Additional stocks facing significant pressure included PT Tunas Alfin Tbk. (TALF) down 19.66% to Rp715, PT Itama Ranoraya Tbk. (IRRA) down 19.22% to Rp412, and PT Bank Aladin Syariah Tbk. (BANK), which weakened by 19.00% to Rp486 per share.
Overall, the JCI struggled between May 11 and May 13, 2026, dropping 3.53% to settle at 6,723.32. The total market capitalization of the exchange also contracted by 4.68%, falling to Rp11,825 trillion from the previous week’s Rp12,406 trillion.
“The average daily transaction value for this week shifted by 18.78% to Rp18.82 trillion, down from Rp23.05 trillion the previous week,” noted IDX Corporate Secretary Kautsar Primadi Nurahmad.
As the trading week concluded, foreign investors recorded a net sell of Rp1.53 trillion on Wednesday (May 13, 2026), bringing the total accumulated foreign net selling for 2026 to Rp40.82 trillion.
Top Losers List 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
Shares associated with Prajogo Pangestu’s conglomerate dominated the top losers list on the Indonesia Stock Exchange between May 11 and May 13, 2026. This sharp decline was largely triggered by the latest MSCI Global Standard index rebalancing, which resulted in the removal of key stocks like CUAN, BREN, and TPIA. Consequently, these companies experienced significant sell-offs, placing them among the worst-performing stocks of the week.
The overall market sentiment reflected this pressure as the Jakarta Composite Index (JCI) dropped by 3.53% to 6,723.32, accompanied by a contraction in total market capitalization. Foreign investors contributed to the downward trend with a net sell of Rp1.53 trillion on Wednesday alone. In total, the market saw a broad decline across several sectors, with PT Sillo Maritime Perdana Tbk. (SHIP) leading the list of top losers.