MSCI Removes 10 Indonesian Stocks in August Index Review
2 sources across 2 countries · Indonesia · United Kingdom
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- Reuters
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Morgan Stanley Capital International (MSCI) removed 10 Indonesian stocks in its August 2026 Index Review and maintained a freeze on Indonesian equities that blocks the addition of new stocks to the index. Within the Global Standard Index, MSCI removed PT GoTo Gojek Tokopedia (GOTO) and PT Charoen Pokphand Indonesia (CPIN), though CPIN was reclassified into the MSCI Global Small Cap Index. Nine other equities were dropped from the Global Small Cap Index: Bank Jago (ARTO), Bukalapak (BUKA), Essa Industries Indonesia (ESSA), MD Entertainment (FILM), Medikaloka Hermina (HEAL), MNC Tourism Indonesia (KPIG), Raharja Energi Cepu (RATU), Semen Indonesia (SMGR), and Transcoal Pacific (TCPI).
MSCI stated that GOTO was removed due to potential index replicability issues caused by low liquidity, as the stock has traded at the minimum price of 50 IDR since May 13, 2026. The adjustments will take effect after the close of trading on August 31, 2026. Following the announcement, the Jakarta Composite Index (JCI) slipped 1.30 percent to 6,291. BRI Danareksa Sekuritas noted that this pressure reflects sell offs as investors evaluate the impact on foreign capital flows.
Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik stated that these adjustments are routine and based on public information. Meanwhile, Hasan Fawzi of the Financial Services Authority (OJK) expressed hope that global index providers would lift the freeze on Indonesian equities given progress on capital market transparency and integrity reforms. In a separate August rejig, MSCI added four Indian stocks and removed three.
How each side framed it
- Centre-left
- The reporting emphasized the negative impact on the Indonesian market, including the JCI dip and the OJK's desire to lift the equity freeze.
- Centre
- The reporting focused on the broad global index changes including additions to Indian stocks.
Sources
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