OJK Acknowledges Significant Influence of Global Rating Agencies on Indonesia's Stock Market
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) acknowledges that the influence of global rating agencies on Indonesia’s capital market industry is quite significant. This is reflected in the policy adjustments by MSCI some time ago, which shook the domestic stock market.
“We have seen for ourselves how one announcement from MSCI can cause a market event in Indonesia’s capital market at the end of January this year. This was then followed by outlook adjustments by rating agencies such as Moody’s and Fitch, which undoubtedly influenced various aspects of the market that we have observed so far,” said OJK Commissioner Council Chair Friderica Widyasari Dewi at the Indonesia Stock Exchange (BEI) building on Monday (11/5/2026).
As is known, the scheduled MSCI rebalancing announcement will take place on 12 May 2026. However, the woman familiarly known as Kiki revealed that her side, along with other capital market regulators, has carried out various improvements to encourage the quality and growth of the capital market.
“Tomorrow, we wait. But as I have always conveyed, we are making improvements, so there is a possibility that some stocks will be adjusted. This is called index rebalancing. So, even if tomorrow’s announcement comes, we wait,” she stated.
Kiki mentioned that this rebalancing adjustment is hoped to be anticipated well. Although it is very possible that some old stocks will be removed from the index.
“They have already said freeze, so nothing new will enter, but the old ones might exit,” she added.
Kiki emphasised that as the supervisor and capital market authority, they have carried out improvements through fundamental integrity reforms.
“And even if there are short-term adjustments, we see this as short-term pain, but insha’Allah long-term gain. So, if we make these improvements, of course, the body might feel a bit uncomfortable, but in the future, our capital market will be healthier,” she concluded.