MSCI Decision Triggers Foreign Sell-Off in These Shares
Foreign investors reversed course to record a net sell on the Indonesia Stock Exchange (BEI) on Monday (31/8/2026), after previously still posting a net buy in the first session.
The foreign selling occurred amid high market transaction activity ahead of the implementation of changes to the MSCI index.
Based on trading data, foreign investors recorded a net sell of Rp434.2 billion. Foreign transaction value reached Rp21.83 trillion, consisting of purchases of Rp10.70 trillion and sales of Rp11.13 trillion.
The largest foreign selling occurred in shares of PT Charoen Pokphand Indonesia Tbk (CPIN) with a net sell value reaching Rp681.9 billion.
Furthermore, foreigners were recorded as having sold the most shares of PT Merdeka Gold Resources Tbk (EMAS) with a net sell of Rp189.4 billion. Then PT Bukalapak.com Tbk (BUKA) at Rp129.4 billion, PT Unilever Indonesia Tbk (UNVR) Rp97 billion, and PT Astra International Tbk (ASII) Rp96.7 billion.
The following are the 10 shares with the largest foreign net sells:
PT Charoen Pokphand Indonesia Tbk (CPIN) - Rp681.9 billion
PT Merdeka Gold Resources Tbk (EMAS) - Rp189.4 billion
PT Bukalapak.com Tbk (BUKA) - Rp129.4 billion
PT Unilever Indonesia Tbk (UNVR) - Rp97 billion
PT Astra International Tbk (ASII) - Rp96.7 billion
PT Chandra Asri Pacific Tbk (TPIA) - Rp88 billion
PT GoTo Gojek Tokopedia Tbk (GOTO) - Rp83.2 billion
PT Amman Mineral Internasional Tbk (AMMN) - Rp77.8 billion
PT Essa Industries Indonesia Tbk (ESSA) - Rp64.8 billion
PT Bank Jago Tbk (ARTO) - Rp61 billion
The selling of CPIN came under the spotlight because the share was included in the changes to the MSCI index composition. In the August 2026 review, CPIN exited the MSCI Global Standard Index and moved down to the MSCI Small Cap Index.
Meanwhile, GOTO shares, which also exited the MSCI Global Standard Index, recorded a foreign net sell of Rp83.2 billion.
The Jakarta Composite Index (IHSG) ended trading on Monday (31/8/2026) with a slight gain amid high market volatility. The index movement was overshadowed by portfolio adjustment actions ahead of the effective MSCI rebalancing.
Based on trading data, the IHSG closed up 7.36 points or 0.11% at the level of 6,525.48. The index had been pressured to touch its lowest level of 6,476.18, before reversing to strengthen and reach its highest level of 6,528.10.
Trading activity also surged. Total transaction volume reached 48.93 billion shares, with a transaction value of Rp24.72 trillion and a trading frequency of 2.37 million times.
A total of 413 shares strengthened, while 245 shares weakened and 305 other shares remained stagnant.