Six Indonesian Stocks Removed by MSCI from Global Standard Index
Morgan Stanley Capital International (MSCI), the global index provider, has 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 have been officially removed from the MSCI Global Standard Index list.
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).
“The MSCI May 2026 rebalancing is somewhat below market expectations, as the number of Indonesian stocks removed exceeds initial estimates, namely AMMN, BREN, TPIA, DSSA, CUAN, and AMRT. This situation reflects a decline in the representation of Indonesian stocks in the MSCI Global Standard Index,” said Head of Research at Phintraco Sekuritas, Ratna Lim, in her analysis in Jakarta on Wednesday, 13 May 2026.
She explained that there are no new stock additions to the MSCI Global Standard Index in this review. All changes will take effect after the close of trading on 29 May 2026 and will be implemented starting from 1 June 2026.
Phintraco explained that these changes could trigger passive outflows and increase short-term volatility, particularly for the removed stocks, as global institutional investors based on MSCI adjust their portfolios.
“With Indonesia’s country weight at around 0.72 percent, this rebalancing could drive potential outflows of approximately Rp28-31 trillion,” the Phintraco analysis stated.
Meanwhile, in the MSCI Small Cap Index, MSCI has added the stock of PT Sumber Alfaria Trijaya Tbk (AMRT) to the small cap index or MSCI Global Small Cap Index.
On the other hand, MSCI has removed several stocks from the MSCI Global Small Cap Index. Those stocks are 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).