MSCI Maintains Special Policy for Indonesian Stocks in Global Index

Morgan Stanley Capital International (MSCI) has decided to extend its special policy for the Indonesian stock market, ensuring that new Indonesian issuers will be absent from the MSCI Investable Market Indexes (IMI) for the August 2026 period. The decision was announced in the results of the 2026 Market Classification Review. Under the continued policy, MSCI is freezing all increases in the Foreign Inclusion Factor (FIF) and the Number of Shares (NOS). The index provider is also blocking opportunities for local issuers to be promoted, such as moving from the MSCI Small Cap segment to the MSCI Standard segment. This action was taken as MSCI continues to highlight issues regarding the stability of share ownership and the availability of public free float in Indonesia. As part of its oversight, MSCI will remove stocks that appear on the High Shareholding Concentration (HSC) list and will monitor shareholdings exceeding 1 percent. A similar situation is affecting the Turkish stock market, where MSCI is applying a case-by-case assessment due to investability constraints. MSCI has scheduled a review of the market status for both Indonesia and Turkey ahead of the November 2026 MSCI Index Review.