BUMN20 Index Demonstrates Resilience with 6.93% YTD Growth

Positive Q4 Performance Highlights

The BUMN20 Index, tracking the performance of major state-owned enterprises in Indonesia, has shown a 6.93% increase year-to-date (YTD) as of November 27, 2025. This growth is particularly notable given the 5.02% rise during the fourth quarter of 2025 alone, indicating strengthening performance as the year progressed.

Comparative Market Performance

While the BUMN20 Index has demonstrated positive growth, it has not been the primary driver of the overall Indonesian Stock Exchange Composite Index (IHSG). The IHSG has shown a more robust 20.17% YTD increase as of November 27, 2025, suggesting that other market segments have been more influential in broader market performance.

Analyst Insights

According to Harry Su, Managing Director of Research & Digital Production at Samuel Sekuritas Indonesia, state-owned enterprises (BUMN) have not been the mainstay of the IHSG's performance throughout the year. Despite this, the recent acceleration in the BUMN20 Index suggests potential for improved performance among these major BUMN constituents heading into 2026.

Market Implications

The differential performance between the BUMN20 and IHSG indicates a divergence in market drivers. While BUMN stocks show promising growth, their impact on the broader market remains limited. The positive Q4 performance of the BUMN20 Index could signal better prospects for these stocks in the coming year, potentially influencing overall market dynamics.