OJK: Two HSC Stocks at Risk of Being Booted from MSCI

Jakarta, CNBC Indonesia — The Financial Services Authority (OJK) has stated that several stocks will be removed from the MSCI index following disclosures regarding high shareholding concentration (HSC), or stocks with highly concentrated ownership.

As is known, the two HSC stocks included in the MSCI index are Barito Renewables Energy (BREN) and Dian Swastatika Sentosa (DSSA).

The Executive Head of Capital Market Supervision, Derivatives Finance, and Carbon Exchange at OJK, Hasan Fawzi, said that 1-2 stocks classified as HSC are being considered by MSCI for exclusion from the index. These stocks have already experienced price changes in response to market reactions.

“Certain stocks that are indicated may undergo adjustments, either in weighting or possible removal from the aforementioned (MSCI) index, and they have already received an early response from investors. This is good, meaning we confirm that the early warning information we provided has been well captured by investors,” Hasan told reporters at the Indonesia Stock Exchange (BEI) building in Jakarta on Monday (27/4/2026).

He also views the selling activity of HSC stocks by investors as a positive consequence. This is because such activity aligns with each investor’s risk profile.

Previously, Morgan Stanley Capital International (MSCI) issued an announcement assessing Indonesia’s capital market reforms on 20 April 2026. This announcement follows a previous release on 27 January 2026, when it suspended rebalancing of the Indonesia index.

In the May 2026 index review, MSCI decided to maintain the temporary policy in place for Indonesian securities. This policy includes freezing increases in Foreign Inclusion Factors (FIF) and Number of Shares (NOS), as well as not adding new stocks to the MSCI Investable Market Indexes (IMI).

Additionally, one of MSCI’s measures, consistent with its treatment of similar identified securities in other markets, is to remove securities identified by Indonesian authorities as part of the new High Shareholding Concentration (HSC) framework.

Since MSCI’s latest announcement on 20 April 2026 until the end of trading last week, DSSA shares have plunged 38.23% to 2,020. In the same period, BREN fell 30% to 4,620.

In today’s trading, up to session 1, DSSA continued its correction, while BREN strengthened. DSSA dropped 1.49% below 2,000, and BREN rose 3.25% to 4,770.