Securities Boss Discusses MSCI Rebalancing and 2026 IPO Prospects

The President Director of Maybank Sekuritas, Ray Aditya Laksana, has highlighted several key sentiments currently concerning Indonesian financial market participants, including the MSCI index rebalancing scheduled for November 2026.

Ray Aditya believes that MSCI will likely maintain Indonesia’s position within the Emerging Markets category, provided that reforms implemented by stock exchange authorities show verifiable progress. While there remains a small potential for Indonesia to be downgraded to frontier market status, market participants are hopeful that MSCI will formally recognise the improvements made in transparency and investability.

Regarding the attractiveness of the Indonesian financial market, there is an expectation of upcoming activity involving Initial Public Offerings (IPOs) and bond issuances. However, prospective issuers are required to focus on several critical factors, including business quality, financial health, corporate governance readiness, the intended use of funds, valuation levels, and external sentiments that may impact their operations.

Overall, the volume of stock IPOs in 2026 is expected to be quite limited in both domestic and global markets, aligned with ongoing high levels of uncertainty. Maybank Sekuritas is currently monitoring various corporate actions and actively seeking potential companies planning IPOs or debt issuances.

Furthermore, securities firms are targeting new business opportunities in line with the Indonesia Stock Exchange’s (BEI) plan to implement the Overseas Order Forwarding (PALN) mechanism. This mechanism will allow brokers to offer access to securities transactions on the Indonesian exchange.