IHSG Under Pressure After MSCI Removes 19 Stocks, Lo Kheng Hong Buys GJTL in Bulk
Pressure on the Indonesian stock market has not eased after Morgan Stanley Capital International (MSCI) removed 19 Indonesian stocks from its global index. Amid the correction in the Composite Stock Price Index (IHSG) over the past three days, senior investor Lo Kheng Hong has instead increased his holdings in shares of PT Gajah Tunggal Tbk (GJTL), a producer of tyres and automotive components.
The IHSG opened down 94.95 points or 1.38% at 6,763.94 in the first session of trading on Wednesday (13/5/2026). This weakening occurred amid negative sentiment from MSCI’s decision to remove several Indonesian stocks from its global index.
However, amid this market pressure, Lo Kheng Hong has significantly increased his GJTL share ownership. Based on disclosures from the Indonesia Stock Exchange (BEI), Lo’s stake in the tyre producer rose to 232,792,900 shares by the end of April 2026, up from 14,760,100 shares at the end of March 2026.
As an investor known for a long-term investment strategy based on cheap valuations, Lo Kheng Hong’s moves often attract attention from retail and institutional investors. Amid market volatility, large buying actions by senior investors are often seen as a signal that there are still stocks with attractive fundamentals.
In that periodic review, MSCI removed 19 Indonesian stocks from its global index.
Six stocks were removed from the MSCI Global Standard Indexes, namely PT Amman Mineral Internasional Tbk (AMMN), PT Barito Renewables Energy Tbk (BREN), PT Chandra Asri Pacific Tbk (TPIA), PT Dian Swastatika Sentosa Tbk (DSSA), PT Petrindo Jaya Kreasi Tbk (CUAN), and PT Sumber Alfaria Trijaya Tbk (AMRT). Specifically for AMRT, the stock was moved to the MSCI Small Cap Indexes.
Meanwhile, 13 other stocks were removed from the MSCI Small Cap Indexes, including PT Aneka Tambang Tbk (ANTM), PT Astra Agro Lestari Tbk (AALI), PT Bumi Serpong Damai Tbk (BSDE), PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO), and PT Mitra Keluarga Karyasehat Tbk (MIKA).
Previously, the Financial Services Authority (OJK) assessed that the market correction following the MSCI rebalancing remains reasonable and is part of the process of reforming Indonesia’s capital market.