10 Stocks That Fell the Most Sharply Throughout January 2026 Following MSCI's Decision

The decision by Morgan Stanley Capital International (MSCI) to suspend the adjustment process of Indonesia’s equity indices, along with its criticism regarding the transparency of free-float shares, triggered selling pressure on the Indonesia Stock Exchange (IDX) in January 2026.

The negative sentiment pushed the Jakarta Composite Index (JCI) into a sharp decline, prompting a temporary trading halt after the index plunged by more than 8% in a single session during the January 28–29, 2026 period.

At the close of trading at the end of last month, on Friday (January 30, 2026), the JCI settled at 8,329.61. As a result, on a cumulative basis throughout January 2026, the index fell by 317.33 points, or 3.67%, compared with its closing position on December 30, 2025.

The JCI was also down 805.09 points, or 8.61%, from its all-time high of 9,134.70, recorded on January 20, 2026.

Market pressure led a number of stocks to post steep declines, with some plunging by as much as 50% within a single month. PT Kioson Komersial Indonesia Tbk (KIOS) recorded the steepest drop in January 2026.

Below are the 10 stocks with the sharpest price declines during the December 30, 2025–January 30, 2026 period:

1. PT Kioson Komersial Indonesia Tbk (KIOS): down 50.75% to Rp131 per share
2. PT Intan Baru Prana Tbk (IBFN): down 49.59% to Rp122 per share
3. PT Nusa Raya Cipta Tbk (NRCA): down 46.89% to Rp810 per share
4. PT Agro Bahari Nusantara Tbk (UDNG): down 46.35% to Rp2,790 per share
5. PT Yelooo Integra Datanet Tbk (YELO): down 45.33% to Rp82 per share
6. PT Esta Multi Usaha Tbk (ESTA): down 44.55% to Rp224 per share
7. PT MPX Logistics International Tbk (MPXL): down 43.18% to Rp150 per share
8. PT Natura City Developments Tbk (CITY): down 43.14% to Rp232 per share
9. PT Lotte Chemical Titan Tbk (FPNI): down 41.99% to Rp525 per share
10. PT Raharja Energi Cepu Tbk (RATU): down 41.88% to Rp5,725 per share

The sharp correction in these stocks reflects the significant impact of global sentiment on domestic equity movements.

This time, the pressure stemmed from policy decisions and assessments by international index providers, such as MSCI, which can influence capital inflows and outflows in the local market.