Research

The Two “Silent” Conglomerates Moving IHSG, Who Are They?

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Algo Research Team

Market | Jul 24, 2025 | Views: 917

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Key Summary:

  • DCII & DSSA are the two biggest movers in IHSG in 2025
  • DCII has a market cap of IDR827tn, and DSSA at IDR505tn
  • Potential corporate action & index play likely drive the rallies

By now, most investors have likely accepted the fact that the main driving forces in IHSG are the conglomerates stocks, which determine the movement of the Indonesian equity market either upwards or downwards.


Typically, when talking about the conglomerate stocks, investors often refer to the Barito Group as the ultimate “commander”, with proxies such as BREN, TPIA, PTRO, BRPT, CUAN, and CDIA.

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