Blue Chip Stocks Drag IHSG in 2025: Investment Opportunities?

Underperforming Blue Chips in a Rising Market

Despite the Indonesia Composite Stock Price Index (IHSG) showing a 21.61% year-to-date gain as of December 19, 2025, several major blue chip stocks have negatively impacted the index. The LQ45 index, which tracks the performance of the largest and most liquid stocks, rose by 1.95% to 853.54 during the same period.

BBCA's Significant Impact

PT Bank Central Asia Tbk (BBCA), one of Indonesia's largest private banks, was the biggest drag on the IHSG in 2025, with a 16.80% decline. This drop alone reduced the IHSG by 99.72 points. The significant impact is attributed to BBCA's substantial market capitalization of approximately Rp 982 trillion, making it one of the most influential stocks in the Indonesian market.

Characteristics of Blue Chip Stocks

Blue chip stocks are typically shares of well-established companies with strong financial performance and large market capitalization, often running into tens or hundreds of trillions of rupiah. These stocks are usually components of major indices like the LQ45. Despite their generally stable nature, some blue chip stocks have underperformed this year, raising questions about their investment potential.