Flooring Guide by Cinvex – JAKARTA – The sluggish performance of the Jakarta Composite Index (JCI) throughout 2026 has been heavily weighed down by a sharp decline in the nation’s blue-chip stocks. Major players that typically serve as the primary engines of index growth, such as DSSA, BBCA, and BREN, have now fallen into the list of the top 10 laggards year-to-date (YtD).
According to data from the Indonesia Stock Exchange (IDX) as of April 30, the JCI has tumbled approximately 19.55% to 6,956.81 so far in 2026. This level mirrors the market conditions last seen in June 2025, a period when the index was slowly recovering following the US President’s announcement of tariff policies in April 2025. Compounding this, foreign investors have recorded a net sell of Rp49.87 trillion, leaving the JCI with a price-to-earnings ratio (PER) of 14.69x and a price-to-book value (PBV) of 1.9x.
A combination of geopolitical tensions, a lack of domestic catalysts, and the implementation of new capital market reform regulations has contributed to the underperformance of several prominent stocks. PT Dian Swastatika Sentosa Tbk. (DSSA) and PT Barito Renewables Energy Tbk. (BREN) are among the most significant laggards. DSSA recorded a 60.02% correction to Rp1,615 following a stock split, dragging the JCI down by 214.26 points, while BREN fell 54.02% to Rp4,460, erasing 193.86 points from the index.
Both stocks were identified as part of the nine firms with high shareholding concentration (HSC) announced by the IDX on April 2, 2026, and have faced heavy selling pressure since that disclosure. Major banking stocks have shared a similar fate. PT Bank Central Asia Tbk. (BBCA) plummeted 27.55% to Rp5,850, accounting for a 210.18-point decline in the JCI. Likewise, PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) and PT Bank Mandiri (Persero) Tbk. (BMRI) saw their shares fall by 18.31% and 13.92%, respectively, further eroding the index by a combined 160.52 points.
The bearish trend extends to other market heavyweights. PT MD Entertainment Tbk. (FILM) saw an 83.59% correction, PT Barito Pacific Tbk. (BRPT) dropped 43.88%, and PT Telkom Indonesia (Persero) Tbk. (TLKM) weakened by 19.25%. Meanwhile, PT Bayan Resources Tbk. (BYAN) and PT Ekamas Mora Republik Tbk. (MORA) declined by 27.39% and 60.91%, respectively, significantly impacting the broader market.
A Confluence of Sentiments
The pressure on Indonesian stocks stems from a convergence of global and domestic factors. Rising oil prices, driven by the escalating conflict in Iran, have prompted investors to flee from risk-heavy assets. Furthermore, MSCI’s decision to suspend changes to the composition of Indonesian stocks has triggered immediate short-term capital outflows.
Abida Massi Armand, an analyst at BRI Danareksa Sekuritas, notes that this sharp correction has lowered the JCI’s PE ratio to between 11x and 12x. This level approaches the five-year low and sits below the historical average of 14x to 15x. “This reflects that the majority of risks—including MSCI pressures, the weakening rupiah, and FOMC uncertainty—have been well-discounted by the market,” Abida explained.
While Abida suggests that the current index levels offer a sufficient margin of safety for medium-term investors to accumulate shares gradually, she cautions that the market still awaits clearer recovery signals, particularly regarding the stability of the rupiah and the trajectory of Federal Reserve interest rates. In the short term, market pressure remains clouded by potential foreign outflows of up to Rp15 trillion due to the MSCI decision.
Looking toward the medium term, there is room for improvement supported by internal bourse reforms. The implementation of high shareholding concentration (HSC) regulations, improvements to free-float requirements, and stricter index criteria are expected to solidify the foundation of the domestic capital market. Abida expects a structural return of foreign investment within the next 6 to 12 months as these reforms take hold. Increased transparency and the mandatory 15% minimum free-float requirement are projected to bolster confidence among global institutional investors. “In a base-case scenario, Indonesia could return to a foreign net buy position by the third or fourth quarter of 2026, provided the rupiah stabilizes below Rp17,000 and reforms proceed as scheduled,” Abida added, while noting that prolonged high interest rates remain a persistent challenge for emerging markets.
Top 10 JCI Laggards in 2026
| Stock Code | Decline | Impact on JCI |
| DSSA | -60.02% | -214.26 points |
| BBCA | -27.55% | -210.18 points |
| BREN | -54.02% | -193.86 points |
| BBRI | -18.31% | -105.19 points |
| FILM | -83.59% | -95.27 points |
| BRPT | -43.88% | -82.82 points |
| TLKM | -19.25% | -70.28 points |
| BYAN | -27.39% | -68.57 points |
| MORA | -60.91% | -56.97 points |
| BMRI | -13.92% | -55.33 points |
Summary
The Jakarta Composite Index (JCI) has experienced a significant decline of approximately 19.55% year-to-date in 2026, dropping to 6,956.81 as of April 30. This downturn is largely driven by sharp corrections in major blue-chip stocks, including DSSA, BBCA, and BREN, alongside a substantial net sell by foreign investors totaling Rp49.87 trillion. Key factors contributing to this bearish trend include geopolitical tensions, the implementation of new capital market regulations regarding shareholding concentration, and MSCI-related capital outflows.
Despite the current market pressure, analysts suggest that the index’s lowered valuation offers a potential margin of safety for medium-term investors. Market recovery is expected to depend on the stabilization of the rupiah, Federal Reserve interest rate policies, and the successful integration of bourse reforms. Projections indicate that if these structural improvements—such as enhanced free-float requirements—succeed, Indonesia may see a return to foreign net buying by the third or fourth quarter of 2026.