MSCI Announces Results of Global Index Review, Amman Mineral to Barito Renewables Removed
REPUBLIKA.CO.ID, JAKARTA – The global stock index provider MSCI has announced the results of its index review for the May 2026 period. In its official announcement on Wednesday (13/5/2026) morning WIB, MSCI revealed several changes to the constituents of the MSCI Global Standard Indexes. For the Indonesian capital market, no shares were added to the index lineup. Meanwhile, six issuers were removed from the MSCI Global Standard Indexes.
Here is a summary of the changes to the constituents of the MSCI Global Standard Indexes for shares originating from Indonesia:
MSCI Indonesia Index
Entering: None
Exiting:
Amman Mineral International
Barito Renewables Energy
Chandra Asri Pacific
Dian Swastatika Sentosa
Petrindo Jaya Kreasi
Sumber Alfaria Trijaya
Meanwhile, MSCI also announced changes to the constituents of the MSCI Global Small Cap Indexes involving Indonesian-origin shares. There is one share entering and 13 shares exiting. Here are the details:
Entering:
- Sumber Alfaria Trijaya
Exiting:
Aneka Tambang
Astra Agro Lestari
Bank Aladin Syariah
Bumi Serpong Damai
Dharma Satya Nusantara
Industri Jamu Farmasi
Midi Utama Indonesia
Mitra Keluarga
MNC Digital Entertainment
Pabrik K Tjiwi Kimia
Pacific Strategic Financial
Sawit Sumbermas
Triputra Agro Persada
MSCI’s decision will take effect on 29 May 2026.
Capital Market Reforms
Previously, the Financial Services Authority (OJK) believed that reforms to the integrity of the Indonesian capital market would bring long-term gains, even if they potentially trigger changes in the composition of shares in the MSCI index in the May 2026 rebalancing results.
“With the improvements and integrity reforms we are carrying out, there will certainly be impacts. And even if there are short-term adjustments, we see this as short-term pain, but Insha Allah long-term gain,” said OJK Commissioner Council Chair Friderica Widyasari Dewi when met by the media at the Indonesia Stock Exchange (BEI), Jakarta, on Monday.
Friderica, or familiarly known as Kiki, assessed that the potential changes in the composition of Indonesian shares in the MSCI index are a consequence of fundamental improvements to the capital market, including strengthening information disclosure, market integrity, and law enforcement.
“They (MSCI) have already said freeze, so no new shares will enter (the MSCI index), but the old ones might exit. But yes, we hope we can anticipate this well,” she said.
She also urged market participants not to overreact to the MSCI rebalancing results. According to her, the potential index adjustments due to capital market reforms are short-term consequences that need to be viewed as part of strengthening the fundamentals of Indonesia’s financial markets.
“So don’t let people get panicked and so on, no. This is indeed a consequence of the improvements we are making,” said Kiki.
Regarding the potential downgrade of Indonesia’s status from emerging market, Kiki said that decision will only be reviewed by MSCI in June 2026.
Various improvements carried out by the regulator are hoped to be considered by MSCI to maintain Indonesia in the emerging market group.
According to her, Indonesia has good quality information disclosure and data granularity, including in terms of market integrity which has long been a concern for global investors.
Kiki also assured that the regulator continues to make fundamental improvements to the capital market through eight reform actions, including strengthening law enforcement, improving the quality of listed companies, and efforts to encourage more investors to enter the domestic capital market.
In addition, OJK is also continuing to deepen the financial markets through increasing the domestic investor base, both retail and institutional. According to Kiki, market deepening is important to strengthen the resilience of the Indonesian capital market against global shocks.
“Twenty years ago, if there was a global shock, everyone panicked because if there was an outflow, it was mostly foreign. Now, we have 26 million investors (domestic) and then more and more investors, both retail and institutional, entering the Indonesian capital market,” said Kiki.