After the MSCI Announcement, 10 Indonesian Stocks Plummeted by 27% in Two Days

The Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX) fell for two consecutive days after Morgan Stanley Capital International (MSCI) announced the suspension of valuations for several indexes involving Indonesian stocks.

This negative sentiment triggered panic selling in the domestic stock market.

At the close of trading on Wednesday, January 28, 2026, the JCI fell 7.35% compared to the previous day. Then, on Thursday, January 29, 2026, the JCI fell another 1.06%.

Thus, in the two trading days of January 28–29, 2026, the JCI plunged 8.33%.

During those two days, several stocks experienced sharp price corrections. PT Intra Golflink Resorts Tbk (GOLF) saw the steepest share price decline, plummeting 27.66%.

Next in line was PT Bukit Uluwatu Villa Tbk (BUVA), which fell 27.65%, followed by XLSMART Telecom Sejahtera Tbk (EXCL), which fell 27.62%.

Here is a list of the 10 stocks with the deepest declines from January 28–29, 2026:

1. Intra Golflink Resorts Tbk (GOLF): -27.66% to Rp272
2. Bukit Uluwatu Villa Tbk (BUVA): -27.65% to Rp1,230
3. XLSMART Telecom Sejahtera Tbk (EXCL): -27.62% to Rp3,250
4. Royaltama Mulia Kontraktorindo Tbk (RMKO): -27.60% to Rp1,115
5. Energi Mega Persada Tbk (ENRG): -27.54% to Rp1,420
6. Impack Pratama Industri Tbk (IMPC): -27.50% to Rp2,610
7. Jasa Berdikari Logistics Tbk (LAJU): -27.50% to Rp87
8. VKTR Teknologi Mobilitas Tbk (VKTR): -27.41% to Rp940
9. Royalindo Investa Wijaya Tbk (INDO): -27.38% to IDR 374
10. Pakuan Tbk (UANG): -27.35% to IDR 4,450

These ten stocks experienced a correction of more than 27% in just two trading days, meaning investors holding these stocks lost more than a quarter of their investment value in a short period of time.

The following is a breakdown of the number of listed shares for each issuer:

1. GOLF: 19.49 billion shares
2. BUVA: 24.62 billion shares
3. EXCL: 18.20 billion shares
4. RMKO: 1.25 billion shares
5. ENRG: 26.35 billion shares
6. IMPC: 54.91 billion shares
7. LAJU: 2.15 billion shares
8. VKTR: 43.75 billion shares
9. INDO: 4.48 billion shares
10. UANG: 1.21 billion shares