MSCI Retains Indonesia's Emerging Market Status; Key Stocks to Watch
The Jakarta Composite Index (IHSG) closed down 0.25% at 6,101.33 on Tuesday (23/6). The index was supported by gains in BBRI, which rose 1.39%, BRPT up 5.35%, and SRAJ surging 8.85%. Conversely, BYAN fell 9.85%, BBCA corrected 1.61%, and BMRI weakened 2.37%, exerting the most pressure. Foreign investors recorded a net sell of Rp348.13 billion in the regular market and Rp311.60 billion across all markets. Four of the eleven sectors closed in the red, with the technology sector suffering the steepest decline of 1.05%, while the healthcare sector posted the highest gain of 3.97%.
Market sentiment was influenced by the results of MSCI’s annual market classification review. Amid investor attention on the status of Indonesia’s capital market, MSCI decided to maintain Indonesia in the Emerging Market category, although certain investability aspects remain under observation. In global markets, major US indices also closed lower, with the Dow Jones down 0.09%, the S&P 500 correcting 1.44%, and the Nasdaq falling 2.22%. Meanwhile, the EIDO ETF rose 0.41% and the MSCI Indonesia index declined 0.44%.
In its 2026 Market Classification Review, MSCI acknowledged steps taken by regulators and market infrastructure, including enhanced transparency for shareholdings above 1%, implementation of a High Shareholding Concentration policy, and plans to raise the minimum free float requirement to 15%. However, MSCI stressed it will continue to monitor the effectiveness of these policies. Should progress be deemed insufficient by November 2026, MSCI may consider initiating a consultation on a potential reclassification of the Indonesian market.
On the corporate front, PT Rans Entertainment Indonesia is conducting its book building from 23 to 25 June 2026 ahead of its planned listing on the Indonesia Stock Exchange on 10 July 2026. The media, entertainment, and intellectual property management company, which boasts over 155 million followers across various social media platforms, is offering up to 2.52 billion new shares, representing 20.02% of its issued and fully paid capital post-IPO. With an offering price range of Rp135–Rp170 per share, the company could raise up to Rp429.25 billion. The estimated market capitalisation after the IPO ranges from Rp1.70 trillion to Rp2.14 trillion. Proceeds will be used for partial repayment of a BNI loan facility (6.98%), construction of the Cipungland project (18.64%), operational costs for local and international artist concerts (37.60%), establishment of a new AI-based entity with Feedloop Global Teknologi (8.15%), acquisition of shares in Rans Kosmetika Indonesia/Slavina (19.80%), and equity participation in subsidiary RNS for business expansion (8.82%).
Separately, PT ESSA announced a cash dividend of Rp52 per share for the 2025 fiscal year, totalling Rp895.83 billion. This distribution exceeds the net profit attributable to owners of the parent entity for 2025, which was recorded at US$40.29 million (approximately Rp713.93 billion), with the shortfall of around Rp181.87 billion to be covered by retained earnings. ESSA’s 2025 revenue was US$295.01 million, a 2.12% decline from the previous year’s US$301.40 million, while attributable net profit fell 10.83% to US$40.29 million from US$45.18 million in 2024. At the closing price of Rp660 per share on 23 June 2026, the dividend yield is approximately 7.88%. The cum dividend date in the regular and negotiation markets is set for 26 June 2026, with payment scheduled for 15 July 2026.