MSCI May 2026 Rebalancing: 18 Indonesian Stocks Excluded

Authors : Toto Pranoto, Adam Faiana Amru, LM FEB UI,

Topic : Capital Markets, MSCI Index, Foreign Investment, Indonesian Equities, BUMN

The BUMN Research Group (BRG) Lembaga Management FEB UI has released a new publication analyzing the impact of the May 2026 MSCI rebalancing. Authored by Toto Pranoto, Adam F. Amru, and the BRG Team, the perspective outlines the mechanics and implications for the Indonesian capital market.

Key Findings from the Publication:

• There were no additions to the MSCI Global Standard Index for Indonesia.
• Six issuers were removed from the Global Standard Index, including major stocks like AMMN, BREN, and TPIA.
• In total, a net of 18 Indonesian stocks were excluded from the MSCI universe across both the Standard and Small Cap indices.
• These exclusions stem from warnings issued in January 2026 regarding High Shareholding Concentration (HSC) and a lack of ownership transparency.
• The market faces an estimated passive capital outflow of US$1.8 billion to US$2 billion (approximately Rp 31.5 trillion to Rp 34.7 trillion).
• A more critical evaluation awaits in the June 2026 Market Accessibility Review, where Indonesia faces the risk of being downgraded from an emerging market to a frontier market.

Download the full document below to explore the complete list of affected stocks and the strategic implications for Indonesian State-Owned Enterprises (BUMN).