IHSG Performance Dragged Down by Major Stocks: Outlook for BBCA and BBRI in 2026

Key Stocks Affecting IHSG Performance

The Indonesian Composite Index (IHSG) has shown a significant surge of 21.61% as of December 19, 2025. Despite this overall growth, certain stocks have negatively impacted its performance. PT Bank Central Asia Tbk (BBCA), with the second-largest market capitalization on the Indonesia Stock Exchange (BEI), has been the most significant drag, falling 16.80% and contributing to a 99.72 point decline in IHSG. Other notable stocks that have weighed heavily on IHSG include PT Bayan Resources Tbk (BYAN), which dropped 21.23%, and PT Amman Mineral Internasional Tbk (AMMN) in the energy sector.

Market Capitalization and Stock Performance

BBCA's substantial market capitalization of Rp 982 trillion as of December 19, 2025, makes its performance particularly impactful on the IHSG. The decline in BBCA's stock price has been a significant factor in the index's overall movement. Meanwhile, other major stocks like BYAN and AMMN have also contributed to the downward pressure on IHSG due to their significant weight in the index.

Recommendations for 2026

As we approach 2026, analysts are focusing on stocks that are likely to perform well. Both BBCA and PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) are under scrutiny for their potential in the coming year. Investors are keenly watching these banking stocks as they have historically been significant players in the Indonesian market. The performance of these stocks in 2026 will likely be influenced by various factors including economic conditions, regulatory changes, and overall market sentiment.