{
    "success": true,
    "data": {
        "id": 1735662,
        "msgid": "msci-effects-not-over-yet-market-shadowed-by-rp-31-t-outflow-at-end-of-may-1778637161",
        "date": "2026-05-13 08:07:38",
        "title": "MSCI Effects Not Over Yet, Market Shadowed by Rp 31 T Outflow at End of May",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Finance",
        "summary": "The Indonesian stock market faces a potential massive foreign fund outflow of up to Rp 31.49 trillion following MSCI's removal of six Indonesian stocks from its Global Standard Index in the May 2026 review, as estimated by CGS International Sekuritas Indonesia. The affected stocks include AMMN, BREN, TPIA, DSSA, CUAN, and AMRT, with the largest selling pressure expected around the market close on 29 May 2026, potentially reducing Indonesia's weight in the MSCI Emerging Markets Index from 0.68% to 0.57%. This development highlights ongoing concerns over high shareholding concentration in Indonesian companies, which impacts market accessibility for global investors, though the market has already begun anticipating these changes.",
        "content": "<p>Jakarta, CNBC Indonesia \u2014 The Indonesian stock market is overshadowed\nby the potential for a jumbo foreign fund outflow after Morgan Stanley\nCapital International (MSCI) officially removed six Indonesian stocks\nfrom the MSCI Global Standard Index in its May 2026 review.<\/p>\n<p>According to the official MSCI document, the six stocks removed from\nthe MSCI Global Standard Index are PT Amman Mineral Internasional Tbk\n(AMMN), PT Barito Renewables Energy Tbk (BREN), PT Chandra Asri Pacific\nTbk (TPIA), PT Dian Swastatika Sentosa Tbk (DSSA), PT Petrindo Jaya\nKreasi Tbk (CUAN), and PT Sumber Alfaria Trijaya Tbk (AMRT).<\/p>\n<p>CGS International Sekuritas Indonesia estimates that this MSCI\nrebalancing could trigger a passive outflow of up to US$1.8 billion, or\napproximately Rp31.49 trillion (assuming an exchange rate of\nRp17,500).<\/p>\n<p>\u201cSimilar to our previous projections but adjusted for the latest\nshare prices and exchange rates, we estimate an outflow of US$1.8\nbillion from the MSCI Indonesia Standard Cap constituent stocks,\u201d CGS\nwrote in its research, quoted on Wednesday (13\/5\/2026).<\/p>\n<p>CGS states that the stocks most likely to be impacted by the outflow\nare BREN, DSSA, CUAN, AMMN, and TPIA.<\/p>\n<p>As a result of these changes, Indonesia\u2019s weight in the MSCI Emerging\nMarkets Index is expected to drop from 0.68% to 0.57%.<\/p>\n<p>CGS predicts that the greatest selling pressure is likely to occur\napproaching the market close on 29 May 2026, when the MSCI rebalancing\ntakes effect.<\/p>\n<p>Nevertheless, CGS assesses that the potential for additional negative\nsurprises from MSCI is diminishing because the market has anticipated\nthese changes since MSCI released its latest free float data earlier\nthis month.<\/p>\n<p>MSCI has previously highlighted the issue of High Shareholding\nConcentration (HSC), or high stock ownership concentration, in several\nIndonesian issuers. This issue has drawn attention from global investors\nas it affects the assessment of free float and the accessibility of the\nIndonesian market.<\/p>\n<p>Meanwhile, MSCI also removed 13 issuers from the small cap index.<\/p>\n<p>The stocks exiting the MSCI Global Small Cap Index include:<\/p>\n<ul>\n<li><p>PT Aneka Tambang Tbk (ANTM)<\/p><\/li>\n<li><p>PT Astra Agro Lestari Tbk (AALI)<\/p><\/li>\n<li><p>PT Bank Aladin Syariah Tbk (BANK)<\/p><\/li>\n<li><p>PT Bumi Serpong Damai Tbk (BSDE)<\/p><\/li>\n<li><p>PT Dharma Satya Nusantara Tbk (DSNG)<\/p><\/li>\n<li><p>PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO)<\/p><\/li>\n<li><p>PT Midi Utama Indonesia Tbk (MIDI)<\/p><\/li>\n<li><p>PT Mitra Keluarga Karyasehat Tbk (MIKA)<\/p><\/li>\n<li><p>PT MNC Digital Entertainment Tbk (MSIN)<\/p><\/li>\n<li><p>PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM)<\/p><\/li>\n<li><p>PT Pacific Strategic Financial Tbk (APIC)<\/p><\/li>\n<li><p>PT Sawit Sumbermas Sarana Tbk (SSMS)<\/p><\/li>\n<li><p>PT Triputra Agro Persada Tbk (TAPG)<\/p><\/li>\n<\/ul>\n<p>All these changes will take effect at the market close on 29 May\n2026.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/msci-effects-not-over-yet-market-shadowed-by-rp-31-t-outflow-at-end-of-may-1778637161",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}