MSCI to Remove GOTO from Indonesia Index Amid Liquidity Concerns

MSCI will remove shares of PT GoTo Gojek Tokopedia Tbk (GOTO) from the MSCI Indonesia Index starting at the end of August 2026, after assessing that the company’s share liquidity is too low to meet the index requirements. This decision is a fresh blow for the Indonesian stock market, particularly after MSCI had previously frozen changes to GOTO in its index since last May. At that time, MSCI highlighted issues of index replicability, or the ability of index-tracking investors to trade the stock in adequate volumes.

This condition has caused GOTO’s market capitalisation to shrink drastically. The company, which once held a valuation of around US$29 billion, is now worth only about US$3.2 billion. MSCI subsequently conducted a review of GOTO’s liquidity in the August 2026 Index Review. The result was that GOTO was deemed to no longer meet the liquidity requirements to remain in the index. MSCI’s decision will take effect on 1 September 2026, in accordance with the August Index Review schedule.

For GOTO, removal from the MSCI index could further dampen interest from institutional investors who use MSCI indices as investment benchmarks. Investors who passively track the index may also adjust their portfolios once the change takes effect. In June 2026, FTSE Russell removed GOTO from its global equity index series after the company’s shares were listed on the IDX development board, which does not meet the eligibility criteria for inclusion in the FTSE Global Equity Index Series (GEIS). With GOTO’s exit from both MSCI and FTSE Russell, pressure on the technology company’s shares is mounting. The issue is no longer just a declining share price, but also increasingly limited liquidity, making the stock difficult to trade on a large scale by institutional investors. As of the writing of this report, GoTo has not yet issued a response to MSCI’s decision.