LQ45 Index Underperforms IHSG in 2025: Analysis and Future Prospects

Significant Performance Divergence

The LQ45 index has notably underperformed compared to the broader IHSG in 2025, with a mere 2.63% increase against the IHSG's 22.23% surge as of December 12, 2025 ¹

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Source 2

https://investasi.kontan.co.id/news/tertinggal-dari-ihsg-valuasi-konstituen-indeks-lq45-dinilai-masih-menarik-di-2026

. This performance gap highlights a significant shift in market dynamics, with IHSG being driven by a broader range of stocks.

Drivers of IHSG Outperformance

The IHSG's strong performance has been largely supported by conglomerate stocks and other non-LQ45 constituents ¹

. Notably, PT DCI Indonesia Tbk (DCII) contributed 246.60 points to the IHSG, exemplifying the influence of non-LQ45 stocks ²

Source 2

https://investasi.kontan.co.id/news/tertinggal-dari-ihsg-valuasi-konstituen-indeks-lq45-dinilai-masih-menarik-di-2026

. Within LQ45, certain stocks like PT Dian Swastatika Sentosa Tbk (DSSA) have shown significant gains, acting as key contributors to the IHSG's overall performance ²

Source 2

https://investasi.kontan.co.id/news/tertinggal-dari-ihsg-valuasi-konstituen-indeks-lq45-dinilai-masih-menarik-di-2026

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Analyst Insights and 2026 Prospects

Maximilianus Nico Demus from Pilarmas Investindo Sekuritas notes that the LQ45 constituents have not seen widespread significant gains, with most growth coming from lower-tier stocks ¹

. Despite current underperformance, analysts maintain that LQ45 stocks remain attractively valued heading into 2026, presenting potential opportunities for investors ²

Source 2

https://investasi.kontan.co.id/news/tertinggal-dari-ihsg-valuasi-konstituen-indeks-lq45-dinilai-masih-menarik-di-2026

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Market Implications

The divergence between LQ45 and IHSG highlights evolving market dynamics, with investors increasingly looking beyond blue-chip stocks to conglomerates and other large-cap companies outside the LQ45 index. This trend suggests a broadening of market participation and potential rotation into previously undervalued sectors.