MSCI Storm Hits: IHSG Plummets Nearly 2% to 6,700 Level
The Jakarta Composite Index (IHSG) plummeted nearly 2% during trading on Wednesday (13/5/2026), after the market responded negatively to the results of Morgan Stanley Capital International’s (MSCI) index review, which removed several major Indonesian stocks from its global index.
According to data from the Indonesia Stock Exchange (BEI), at the close of the second session, the IHSG fell 135.58 points or -1.98% to the level of 6,723.32.
A total of 416 stocks weakened, 239 stocks strengthened, and 163 other stocks were stagnant. The transaction value reached Rp19.79 trillion with a trading volume of 38.95 billion shares in 2.3 million transactions.
The majority of trading sectors weakened, with the deepest corrections recorded in the infrastructure, basic materials, technology, and energy sectors. Only the industrial sector strengthened today.
The greatest pressure on the IHSG came from stocks that were removed from the MSCI Global Standard Index and MSCI Global Small Cap Index.
Movers data shows that shares of PT Chandra Asri Pacific Tbk (TPIA) became one of the biggest drags on the IHSG with a contribution of minus 15.51 index points. This was followed by PT Amman Mineral Internasional Tbk (AMMN), which pressured 11.25 index points, and PT Dian Swastatika Sentosa Tbk (DSSA) by 11.47 points.
Then, PT Barito Renewables Energy Tbk (BREN) pressured the IHSG by 15.13 points and PT Petrindo Jaya Kreasi Tbk (CUAN) by 3.8 points.
In terms of share prices, TPIA plunged 14.85%, CUAN dropped 10.05%, AMMN fell 9.09%, DSSA weakened 11.16%, and BREN corrected 11.36%.
Other stocks that were also removed from the MSCI small cap index experienced pressure. PT Bank Aladin Syariah Tbk (BANK) fell 4.71%, PT Midi Utama Indonesia Tbk (MIDI) weakened 4.76%, PT Bumi Serpong Damai Tbk (BSDE) dropped 3.29%, and PT Astra Agro Lestari Tbk (AALI) corrected 5.88%.
Previously, MSCI officially removed six Indonesian stocks from the MSCI Global Standard Index, namely:
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)
PT Sumber Alfaria Trijaya Tbk (AMRT)
In addition, MSCI also removed 13 Indonesian stocks from the MSCI Global Small Cap Index.
CGS International Sekuritas Indonesia previously estimated that this MSCI rebalancing could trigger passive outflows of up to US$1.8 billion or approximately Rp31.49 trillion. All these changes will take effect at the close of trading on 29 May 2026.
The good news is that MSCI maintained Indonesia in the emerging markets group. As is known, MSCI had previously opened the possibility of reclassifying Indonesia’s status from emerging markets to frontier markets.
In the announcement on Tuesday (12/5/2026) US time, Indonesia remains categorised in the emerging markets list along with other countries such as China, India, Korea, Malaysia, the Philippines, Taiwan, and Thailand.