MSCI Confirms Indonesia Remains in Emerging Market
MSCI has confirmed that there are no changes to the list of Emerging Market countries currently included in the MSCI Frontier Emerging Markets Index following its Annual Country Review 2026.
MSCI announced the results of the annual review on 12 August 2026. The review was conducted to evaluate the composition of Emerging Market countries within the MSCI Frontier Emerging Markets Index.
“There are no changes to the list of Emerging Market countries currently included in the MSCI Frontier Emerging Markets Index as a result of this review,” MSCI stated in its announcement on Wednesday (12/8/2026).
MSCI explained that the MSCI Frontier Emerging Markets Index is formed by combining all country indices in the MSCI Frontier Markets Index and a number of selected country indices in the MSCI Emerging Markets Index. The composition of Emerging Market countries in the index is reviewed annually.
As a result of the review, there is no change to Indonesia’s status announced by MSCI in the Annual Country Review 2026.
Meanwhile, in the MSCI Equity Indexes August 2026 Index Review, ten Indonesian stocks were removed from MSCI indices, comprising two stocks from the MSCI Global Standard Indexes and nine stocks from the MSCI Global Small Cap Indexes.
One stock, PT Charoen Pokphand Indonesia Tbk. (CPIN), was removed from the Standard index and added to the Small Cap index.
In detail, no Indonesian stocks were added to the MSCI Global Standard Indexes. Conversely, CPIN and PT GoTo Gojek Tokopedia Tbk. (GOTO) were removed from the index.
Meanwhile, in the MSCI Global Small Cap Indexes, CPIN was a new addition. On the other hand, nine Indonesian stocks were removed, namely PT Bank Jago Tbk. (ARTO), PT Bukalapak.com Tbk. (BUKA), PT ESSA Industries Indonesia Tbk. (ESSA), and PT MD Entertainment Tbk. (FILM).
Furthermore, PT Medikaloka Hermina Tbk. (HEAL), PT MNC Tourism Indonesia Tbk. (KPIG), PT Raharja Energi Cepu Tbk. (RATU), PT Semen Indonesia (Persero) Tbk. (SMGR), and PT Transcoal Pacific Tbk. (TCPI).
Globally, MSCI added 55 securities and removed 92 securities from the MSCI ACWI Index. Meanwhile, in the MSCI Global Small Cap Indexes, there were 203 additions and 261 removals of securities.
All constituent changes will take effect after the close of trading on 31 August 2026, so the rebalanced index composition will be reflected from trading on 1 September 2026.