August 13, 2026 | 11:27 am
TEMPO.CO, Jakarta - Global index provider Morgan Stanley Capital International (MSCI) dropped 10 Indonesian stocks in its August 2026 Index Review. MSCI also maintained its freeze on Indonesian equities, blocking any additions of new stocks to the index.
Within the Global Standard Index, MSCI removed homegrown tech giant PT GoTo Gojek Tokopedia (GOTO). "This treatment applies due to the potential index replicability issues related to its very low liquidity resulting from trading at the minimum tradeable price of 50 IDR on the Indonesia Stock Exchange since the close of May 13, 2026.," MSCI stated in an official announcement on Thursday, August 13, 2026.
In addition to GOTO, MSCI removed agribusiness firm PT Charoen Pokphand Indonesia (CPIN) from the Global Standard Index. However, CPIN was subsequently reclassified into the MSCI Global Small Cap Index.
In the Global Small Cap Index, MSCI dropped nine Indonesian equities. The delisted shares are Bank Jago (ARTO), Bukalapak (BUKA), Essa Industries Indonesia (ESSA), MD Entertainment (FILM), Medikaloka Hermina (HEAL), MNC Tourism Indonesia (KPIG), Raharja Energi Cepu (RATU), Semen Indonesia (SMGR), and Transcoal Pacific (TCPI).
The adjustments will take effect after the close of trading on August 31, 2026, taking full effect in early September 2026. During Thursday morning trading, the Jakarta Composite Index (JCI) slipped 1.30 percent to 6,291, after opening at 6,388.
"Pressure on the JCI reflects sell-offs following the MSCI announcement, as investors continue to evaluate the impact on foreign capital flows and upcoming index rebalancings," the BRI Danareksa Sekuritas research team noted in a report on Thursday, August 13, 2026.
The Financial Services Authority (OJK) had previously expressed hope that MSCI would lift its freeze on Indonesian equities in the August review. MSCI's ongoing restrictions on Indonesian shares include freezing increases in the Foreign Inclusion Factor (FIF) and Number of Shares (NOS), barring new constituents from entering the MSCI Investable Market Indexes (IMI), and blocking upward index migrations.
"We certainly hope that given our progress on capital market transparency and integrity reforms, global index providers will soon reevaluate our status and lift these index freezes on Indonesian equities," Hasan Fawzi, Chief Executive for Capital Market Supervision at the OJK, said at the Indonesia Stock Exchange on Monday, August 10, 2026, as reported by Antara.
During its previous review in May, MSCI removed 18 Indonesian stocks. According to an announcement on Wednesday, May 13, 2026, six shares were dropped from the Global Standard Index. Among them, PT Sumber Alfaria Trijaya Tbk (AMRT), operator of the Alfamart chain, was shifted to the Global Small Cap Index. Additionally, 13 stocks were removed from the Global Small Cap Index.
Tempo reached out to GoTo’s corporate communications team for comment regarding its removal from the index. However, as of publication time, the company had not responded.
Read: GoTo Posts Rp607 Billion Net Profit in First Half of 2026
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