OJK: MSCI Maintains Indonesia's Stock Market in "Emerging Market" Category

Jakarta (ANTARA) - The Financial Services Authority (OJK) has confirmed that the global index provider Morgan Stanley Capital International (MSCI) continues to classify Indonesia within the emerging market (developing market) category following the announcement of its index rebalancing (adjustment). Consequently, Indonesia’s stock market has not experienced a downgrade in classification to frontier market. The Executive Head of Capital Market, Derivatives Finance, and Carbon Exchange Supervision at OJK, Hasan Fawzi, stated that MSCI, in its latest review, made no changes to the classification of Indonesia’s capital market. “Today, MSCI itself carried out the index adjustment without subsequently determining any change in our market’s classification. So, we remain within the emerging market group as before,” Hasan said during a press conference in Jakarta on Wednesday. He also emphasised that another global index provider, FTSE Russell, has maintained Indonesia’s position in the secondary emerging market category. According to Hasan, the recent dynamics have instead strengthened the regulator’s confidence that the direction of Indonesia’s capital market reforms is on the right track. The reform steps taken by the authorities and market participants have been recognised by global index providers, including through intensive meetings and regular communications conducted with MSCI and FTSE Russell. He revealed that several Indonesian stocks are considered potential candidates for inclusion in various MSCI global indices in the next period. However, some stocks that were previously likely to be included have been delayed due to a temporary freeze policy. “It’s just because their policy is currently under a freeze or temporary suspension of inclusions into the Indonesian index group, so those stocks are delayed in entering,” he explained. In the MSCI May 2026 Index Review, MSCI 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), and PT Sumber Alfaria Trijaya Tbk (AMRT). Meanwhile, MSCI added the shares of PT Sumber Alfaria Trijaya Tbk (AMRT) to the MSCI Global Small Cap Index. On the other hand, MSCI removed several stocks from the MSCI Global Small Cap Index, namely PT Aneka Tambang Tbk (ANTM), PT Astra Agro Lestari Tbk (AALI), PT Bank Aladin Syariah Tbk (BANK), PT Bumi Serpong Damai Tbk (BSDE), PT Dharma Satya Nusantara Tbk (DSNG), PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO), PT Midi Utama Indonesia Tbk (MIDI), PT Mitra Keluarga Karyasehat Tbk (MIKA), PT MNC Digital Entertainment Tbk (MSIN), PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM), PT Pacific Strategic Financial Tbk (APIC), PT Sawit Sumbermas Sarana Tbk (SSMS), and PT Triputra Agro Persada Tbk (TAPG).