OJK Emphasises That Indonesian Stocks Are Not the Only Ones Removed from MSCI Index

Jakarta, VIVA – The Financial Services Authority has emphasised that the composition adjustment to the Morgan Stanley Capital International (MSCI) index is not exclusive to Indonesian stocks. Such adjustments are also occurring in several other Asian countries.

OJK Board of Commissioners Chair Friderica Widyasari Dewi cited examples: in the MSCI Global Standard Index, Japan saw 14 issuers removed, Taiwan seven, Malaysia six, and South Korea three. Meanwhile, China, although adding 22 new issuers, also experienced the removal of 24 issuers from the index.

“This reflects a global portfolio allocation adjustment and fairly broad market dynamics in the region, not merely an Indonesia-specific issue,” said Friderica, familiarly known as Kiki, in Jakarta on Wednesday, 13 May 2026.

She explained that changes to the MSCI index composition are part of a periodic review mechanism based on several objective parameters, such as market capitalisation, free float, liquidity, and share price dynamics.

Nevertheless, OJK views this situation as an important reminder to continue strengthening the quality and depth of Indonesia’s capital market.

“OJK, together with all stakeholders, will continue to promote market integrity, increased free float and liquidity, expansion of the investor base, and strengthened issuer governance so that the competitiveness of Indonesia’s capital market becomes stronger and more sustainable,” she stated.

Furthermore, Kiki assured that the fundamentals of Indonesia’s financial services sector remain resilient and stable. Short-term volatility or global index changes do not alter OJK’s commitment to building a healthy, transparent, and credible market for both domestic and global investors.

“Going forward, we will also continue to strengthen coordination with the Indonesia Stock Exchange (BEI), self-regulatory organisations (SROs), and all market participants to ensure that Indonesia’s capital market becomes increasingly attractive, liquid, and investable in the long term,” she added.

As is known, MSCI, the global index provider, announced the results of its review of the Indonesian market index in the MSCI May 2026 Index Review. In the review results, six Indonesian stocks were officially removed from the MSCI Global Standard Index. The six stocks are 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).