MSCI Shakes Up BEI, IHSG Survives Trading Halt
JAKARTA, KOMPAS.com - The results of the Morgan Stanley Capital International (MSCI) May 2026 rebalancing have exerted pressure on the stock market during trading on Wednesday (13/4/2026). The shock came after the global index removed six large-cap Indonesian stocks from the MSCI Global Standard Indexes.
The six stocks include PT Amman Mineral Internasional Tbk (AMMN), PT Barito Renewables Energy Tbk (BREN), PT Chandra Asri Pacific Tbk (TPIA), PT Dian Swastatika Sentosa Tbk (DSSA), PT Petrindo Jaya Kreasi Tbk (CUAN), and PT Sumber Alfaria Trijaya Tbk (AMRT).
Although removed from the MSCI Global Standard Indexes, AMRT shares have been transferred to the MSCI Small Cap Indexes.
Capital market observer and Founder of Republik Investor, Hendra Wardana, stated that the impact of the MSCI rebalancing on Indonesia’s stock exchange is quite significant because this US-originated global index serves as the primary benchmark for many global fund managers and passive index funds worldwide.
“This is what then triggers foreign selling pressure and amplifies volatility in the domestic market,” Hendra told Kompas.com on Wednesday evening.
However, interestingly, the pressure on the IHSG this time is relatively more controlled compared to previous MSCI rebalancing periods, which once triggered trading halts for two consecutive days in January 2026.
Hendra assessed that the market has already anticipated the MSCI decision in recent weeks, particularly after signals of a freeze on Indonesia’s stock foreign inclusion factor.
“Therefore, some market participants have already carried out repricing earlier, so the shock effect is not as great as before,” he explained.
Nevertheless, the MSCI impact remains significant on foreign capital flows.
On Wednesday’s trading alone, foreigners recorded a net sell of around Rp1.34 trillion, while from the beginning of January to 12 May 2026, the total foreign net sell reached Rp50.63 trillion.
Based on Indonesia Stock Exchange (BEI) data, the largest foreign selling action on Wednesday occurred in jumbo-cap banking stocks.
PT Bank Rakyat Indonesia Tbk (BBRI) became the stock with the largest net sell, reaching Rp274 billion, followed by PT Bank Mandiri Tbk (BMRI) at Rp140 billion and PT Amman Mineral Internasional Tbk (AMMN) at Rp124 billion.
Foreigners also offloaded shares of PT Bank Central Asia Tbk (BBCA) worth Rp92 billion and PT Aneka Tambang Tbk (ANTM) at Rp63 billion.
Hendra said the net sell figures illustrate that global investors are reducing exposure to emerging markets, including Indonesia.