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TEMPO.CO, Jakarta - The Financial Services Authority (OJK) views the recent Morgan Stanley Capital International (MSCI) index rebalancing as a short-term consequence of capital market reform efforts.
Hasan Fawzi, OJK Executive Head of Capital Market Supervision, Derivatives, and Carbon Exchange, stated that the exclusion of several Indonesian stocks from the MSCI index reflects a recognition of efforts to enhance transparency in stock ownership, serving as a key benchmark for global index providers in their classifications.
According to Hasan, the OJK and Self-Regulatory Organizations (SROs) have anticipated that these adjustments would trigger a short-term dip in share prices. "We hope the announcement and the index adjustment momentum will establish a new baseline, where our starting point will increasingly improve the quality of listed stocks on the exchange, and we expect these stocks to become investment options for investors," he remarked during a press conference at the Indonesia Stock Exchange in Jakarta on Wednesday, May 13, 2026.
Hasan emphasized that the reforms orchestrated by the SROs and regulators are not meant to address only short-term challenges. He stated that the institution will continue overseeing capital market reforms to ensure that integrity and transparency become stronger and more acceptable to global investors.
In the future, Hasan mentioned that OJK is monitoring several stocks that meet the criteria and have the potential to enter global indices. "The long-term gains we are pursuing will begin from this new baseline as we navigate the rebalancing in response to the global index provider's announcement," he added.
Per the MSCI announcement on Wednesday, May 13, 2026, six Indonesian heavyweights were removed from the Global Standard Index: 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). However, AMRT—operating as Alfamart—was reassigned to the Global Small Cap Index.
MSCI also delisted 13 Indonesian issuers from the Global Small Cap Index. This list includes 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), and PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO).
The exclusion also extended to 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).
Read: Why Investors Should Avoid Panic Over MSCI Rebalancing
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