Most stocks affiliated with Indonesian conglomerates weakened during intraday trading on Monday (February 2, 2026). Several shares that had posted strong gains last year, including CBDK, ADMR, and RATU, came under heavy pressure. Based on Indonesia Stock Exchange (IDX) data at 11:14 a.m. WIB, sharp declines were recorded among companies linked to tycoon Happy Hapsoro. PT Bukit Uluwatu Villa Tbk. (BUVA) fell 14.92% to Rp1,055, PT Sanurhasta Mitra Tbk. (MINA) dropped 14.81% to Rp322, PT Rukun Raharja Tbk. (RAJA) slid 14.81% to Rp3,680, and PT Raharja Energi Cepu Tbk. (RATU) declined 14.76% to Rp4,880.

A similar trend was seen in stocks associated with Aguan. PT Bangun Kosambi Sukses Tbk. (CBDK) plunged 14.51% to Rp4,980, PT Pantai Indah Kapuk Dua Tbk. (PANI) slipped 12.37% to Rp8,150, PT Primadaya Plastisindo Tbk. (PDPP) fell 6.92% to Rp296, and PT Jakarta International Hotels & Development Tbk. (JIHD) retreated 5.45% to Rp520. Shares linked to Anthoni Salim also moved lower, with PT Indofood Sukses Makmur Tbk. (INDF) easing 0.74% to Rp6,750, PT PP London Sumatra Indonesia Tbk. (LSIP) down 2.59% to Rp1,130, and PT Salim Ivomas Pratama Tbk. (SIMP) declining 3.51% to Rp550. In contrast, PT Indofood CBP Sukses Makmur Tbk. (ICBP) gained 2.83% to Rp8,175.

Negative sentiment also weighed on stocks under Prajogo Pangestu. PT Barito Renewables Energy Tbk. (BREN) slipped 6.16% to Rp8,000, PT Barito Pacific Tbk. (BRPT) tumbled 14.12% to Rp1,855, PT Chandra Daya Investasi Tbk. (CDIA) dropped 13.62% to Rp1,015, and PT Chandra Asri Pacific Tbk. (TPIA) fell 10.47% to Rp5,775.

Further losses were recorded by PT Petrindo Jaya Kreasi Tbk. (CUAN), which

sank 12.22% to Rp1,580, and PT Petrosea Tbk. (PTRO), which declined 14.89% to Rp6,000. Stocks within the Sinar Mas Group also weakened, as PT Dian Swastatika Sentosa Tbk. (DSSA) plunged 13.96% to Rp85,175, PT Indah Kiat Pulp & Paper Tbk. (INKP) slipped 7.14% to Rp8,450, PT Sinar Mas Agro Resources Tbk. (SMAR) fell 12.35% to Rp5,500, PT Sinar Mas Multiartha Tbk. (SMMA) edged down 2.31% to Rp12,700, and PT Pabrik Kertas Tjiwi Kimia Tbk. (TKIM) dropped 9.59% to Rp6,600.

In line with the widespread sell-off among conglomerate stocks, the Jakarta Composite Index (JCI) declined 5.16% to 7,899.75, with the day’s high capped at 8,313.06. According to MNC Sekuritas’ flash note, selling pressure spread across nearly all sectors, with the steepest losses in the basic industry sector, which slid 9.51%, followed by the energy sector down 7.39%, and cyclical stocks falling 7.13%. MNC Sekuritas noted that uncertainty over Indonesia’s position in the MSCI index was the main driver of investor panic. Market participants are awaiting clarification from exchange authorities regarding free float data transparency requirements previously highlighted by MSCI. “The market is likely to remain in a wait-and-see mode ahead of official communication between the Indonesia Stock Exchange and MSCI on free float data transparency,” MNC Sekuritas wrote in its research.