Amid ongoing turbulence in the stock market, investors typically seek refuge in stocks that are categorized as defensive.

These types of stocks are generally considered more resilient when the Indonesia Composite Index (IHSG) comes under pressure, as they are usually issued by large companies with strong fundamentals, relatively stable business models, and significant roles in the national economy.

However, today’s market conditions demonstrate that no stock is completely immune to correction.

The IHSG extended its decline and dropped to 5,348.95, falling by 245.82 points or 4.39% during Monday morning’s trading session (June 8, 2026).

Selling activity was widespread across nearly the entire market. A total of 606 stocks declined, only 57 stocks advanced, while 296 stocks remained unchanged. Trading value reached Rp2.85 trillion, with volume totaling 3.77 billion shares and transaction frequency reaching 279,000 trades.

A decline of more than 4% within roughly the first 10 minutes of trading reflected extremely aggressive selling pressure. The situation also indicated that panic continued to dominate market sentiment during the morning session.

As a result of the sharp decline, the IHSG’s year-to-date (YTD) performance has now fallen by approximately 37%. This significant pressure has also dragged down large-cap stocks that have long been regarded as defensive investments.

Defensive stocks generally refer to shares of companies whose performance remains relatively stable even during challenging economic conditions. Such characteristics are typically associated with issuers that benefit from consistent demand for their products or services, strong cash flows, and the ability to distribute dividends regularly.

Several large-cap stocks, including Bank Central Asia (BBCA), Bank Rakyat Indonesia (BBRI), Bank Mandiri (BMRI), Telkom Indonesia (TLKM), and Astra International (ASII), have traditionally been among investors’ preferred choices during periods of market volatility.

These companies are known for their high liquidity, extensive business operations, and prominent positions within both institutional and retail investment portfolios. Consequently, they have often been viewed as defensive strongholds when market pressure intensifies.

The five stocks are frequently regarded as the “fortress” of Indonesia’s stock market. This reputation stems not only from their consistently strong performance but also from the fact that they represent key pillars of the Indonesian economy.

As widely recognized, approximately 75% of Indonesia’s economic activity is supported by the banking sector, highlighting the industry’s crucial role. Meanwhile, Telkom Indonesia symbolizes the strength of the country’s telecommunications industry, while Astra International has been recognized as the dominant force in Indonesia’s automotive sector for decades.

Nevertheless, these stocks that have long been considered defensive have also come under substantial pressure since the beginning of the year.

The following summarizes the performance of these defensive stocks:

*Latest prices as of Monday, June 8, 2026, at 10:44 a.m. WIB.

All of the defensive stocks being monitored have recorded significant declines since the start of the year. BBCA posted the steepest drop, falling 38.1% from Rp8,025 per share to Rp4,970 per share.

ASII also experienced substantial pressure, declining 34.7% to Rp4,440 per share. Meanwhile, TLKM fell 28.0%, followed by BBRI with a decline of 26.9%, and BMRI, which dropped 25.5%.

The weakness in these defensive stocks goes beyond an ordinary correction. Several of them have returned to their lowest levels in years.

BBCA, which has long been regarded as one of the most defensive stocks on the exchange, is currently trading at its lowest level since May 26, 2020, when the global economy was heavily impacted by the Covid-19 pandemic. A similar situation can be observed in BBRI, whose share price has fallen to its lowest level since May 28, 2020.

Meanwhile, BMRI is trading at its lowest point since July 19, 2022. During that period, global equity markets were still under considerable pressure due to the conflict between Russia and Ukraine in Europe.

Selling pressure has also spread to defensive stocks outside the banking sector. TLKM is now trading at its lowest level since April 2025, while ASII has fallen to its weakest level since June 26, 2025.

The decline in these defensive stocks has also been driven by substantial foreign selling activity. According to data from Indo Premier Sekuritas, foreign investors have recorded net sales of Rp32.44 trillion in BBCA shares from the beginning of the year through trading on Friday (June 5, 2026).

Foreign selling pressure has likewise affected other major banking stocks. BBRI recorded foreign net sales of Rp9.68 trillion, while BMRI experienced even larger foreign net selling of approximately Rp10.8 trillion.

Outside the banking sector, TLKM also posted foreign net sales totaling Rp254 billion since the start of the year. Among the five defensive stocks monitored, only ASII continued to record foreign inflows, with net foreign purchases amounting to Rp1.88 trillion.

Foreign flow data from the beginning of the year through Friday (June 5, 2026) showed net foreign sales of Rp32.443 trillion for BBCA, Rp9.681 trillion for BBRI, Rp10.899 trillion for BMRI, and Rp254 billion for TLKM, while ASII registered net foreign buying of Rp1.888 trillion.

These developments indicate that the current correction in defensive stocks reflects broad-based pressure across the market.

The weakness has not been limited to second-tier stocks or highly volatile shares but has also affected large-cap companies that have traditionally been viewed as more resilient.

This serves as a reminder that being classified as a defensive stock does not mean being free from risk.

Although defensive stocks generally possess more stable business characteristics than many other equities, their share prices can still decline when market-wide selling pressure intensifies, investor sentiment deteriorates, or capital flows out of large-cap stocks.