OJK Reveals Best-Case Scenario for IHSG After MSCI Downgrade
Jakarta, CNBC Indonesia — The Financial Services Authority (OJK) has opened the possibility of long-term gains or benefits from the decline in the Composite Stock Price Index (IHSG) resulting from the MSCI index rebalancing.
OJK’s Executive Head of Capital Markets, Derivatives Finance, and Carbon Exchange Supervision, Hasan Fawzi, assesses that the short-term pressures arising are a consequence of the structural adjustments carried out by global index providers.
According to him, the short-term decline is a consequence that must be faced in the process of forming a new baseline for the Indonesian stock market. Hasan explains that this new baseline will serve as the starting point for introducing higher-quality listed stocks on the Indonesia Stock Exchange (BEI).
“We are also encouraging stocks to enter global index membership when they meet the expected criteria for inclusion by global index providers. Thus, the long-term gain we are pursuing is through efforts in global index provider rebalancing,” stated Hasan during a press conference at the BEI building in Jakarta on Wednesday (13/5/2026).
OJK is said to continue communicating with various representations of global investors and index providers to maintain the competitiveness of Indonesia’s capital markets.
Looking ahead, OJK is pushing for the IHSG to enter a market classification above emerging markets. Through capital market reforms, the IHSG is hoped to be included in MSCI’s developed market and advanced market indices.
As previously reported, MSCI officially announced the results of the May 2026 global index review. The outcome delivered a significant blow to Indonesia after six domestic stocks were removed from the MSCI Global Standard Index and no new stocks were added.
Based on the official MSCI Global Standard Indexes May 2026 Review document, six Indonesian stocks were deleted, and no additions were made to the MSCI standard global index.
The six Indonesian stocks removed from the MSCI Global Standard Index 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)
PT Sumber Alfaria Trijaya Tbk (AMRT)
On the other hand, in the MSCI Global Small Cap Indexes, one Indonesian stock was added, namely PT Sumber Alfaria Trijaya Tbk (AMRT). Meanwhile, 13 Indonesian stocks were removed from the MSCI small cap index.
The stocks exiting the MSCI Global Small Cap Index include:
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)
PT Triputra Agro Persada Tbk (TAPG)