MSCI publishes its November index review late on Wednesday European time, and Indonesia goes in having already lost 30 stocks from MSCI’s main and small-cap indexes this year, with the review only able to cut further.
MoneyTurkey Foreign Markets Desk | 11 November 2026
Key points
- Indonesian names in MSCI’s Global Standard and Small Cap indexes fell from 74 in early January to 44 after the February, May and August reviews, EmitenNews and Topik reported.
- Indofood Sukses Makmur, Sumber Alfaria Trijaya and Charoen Pokphand Indonesia were moved down from the Standard index to Small Cap over those reviews.
- MSCI’s freeze on Indonesia means the November review can only keep or remove stocks, not add or promote them.
- Bumi Resources Minerals is the name most likely to drop out of the Standard index, local analysts say, with Barito Pacific a closer call.
What happened
MSCI will release the results of its November review after 23:00 Central European Time on Wednesday, early on Thursday in Jakarta, with changes taking effect after the close on Nov. 30, according to Topik, CNBC Indonesia and Katadata.
Going in, Indonesia’s presence in MSCI’s indexes has already shrunk sharply. The country had 74 stocks across the Global Standard and Small Cap indexes at the start of January and now has 44, nine in Standard and 35 in Small Cap, according to data compiled by EmitenNews and reported by Topik. That loss of 30 names built up over three reviews in February, May and August, not in a single cut.
The deletions included renewable energy group Barito Renewables Energy, miner Amman Mineral Internasional and petrochemical maker Chandra Asri Pacific in May, and GoTo Gojek Tokopedia in August, EmitenNews and Topik reported. Food maker Indofood Sukses Makmur, Alfamart operator Sumber Alfaria Trijaya and poultry group Charoen Pokphand Indonesia were moved down to Small Cap rather than removed.
Why this review is one-way
MSCI launched a consultation on Oct. 15 on reclassifying Indonesia from Emerging Market to Standalone Market status, citing concerns over opaque shareholding structures and suspected coordinated trading. It kept a freeze that bars additions to its Indonesia indexes and upward moves between size segments, while still deleting stocks that Indonesian authorities flag for high shareholding concentration. MSCI is taking feedback until April 30, 2027 and will decide by June 30, 2027.
That leaves only downward moves on the table on Wednesday night. Mirae Asset Sekuritas said in a preview note that Bumi Resources Minerals is likely to move from the Standard index to Small Cap, after closing above its estimated retention price on only one of the last ten October trading days, while a deletion of Barito Pacific is a closer call. CNBC Indonesia’s research desk also named Bumi Resources Minerals as the likeliest Standard downgrade, and flagged Dayamitra Telekomunikasi, Solusi Sinergi Digital and Rukun Raharja as Small Cap names at risk.
Why markets care
Funds that track MSCI indexes have to sell deleted stocks around the effective date. KISI Sekuritas told Katadata that passive outflows from the review should be under $200 million and are largely priced in, with more pressure likely in the run-up to Nov. 30. Big banks Bank Central Asia, Bank Rakyat Indonesia and Bank Mandiri could see a little extra demand as the weight of departing stocks is shared among the remaining members, KISI said.
The bigger question is the reclassification itself, which this review does little to settle, Mirae said. The Jakarta Composite Index edged lower on Wednesday, closing just above 5,110, according to IDX Channel and Yahoo Finance data, after rising 1.02% to 5,125.73 on Tuesday, according to Kompas and Antara.
What to watch
- Whether Bumi Resources Minerals appears on both the Standard deletion and Small Cap addition lists
- Whether Barito Pacific is removed outright
- Small Cap deletions, especially names flagged for high shareholding concentration
- Trading volumes into the Nov. 30 close, when index funds rebalance
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For information only. Not investment advice.
Sources
- EmitenNews: https://www.emitennews.com/news/rebalancing-msci-30-saham-out-tiga-turun-kelas
- Topik: https://www.topik.id/rebalancing-msci-2026-sebanyak-30-saham-indonesia-terdepak-dan-3-turun-kelas
- CNBC Indonesia: https://www.cnbcindonesia.com/research/20261110144326-128-783923/msci-bakal-umumkan-review-kamis-seperti-apa-kisi-kisi-skenarionya
- Katadata: https://katadata.co.id/finansial/bursa/6af3a883324de/ihsg-dibayangi-sentimen-msci-saham-brms-dan-brpt-berpotensi-paling-terdampak
- Mirae Asset Sekuritas: https://sekuritas.miraeasset.co.id/news/research/msci-update-nov-26-preview-a-small-rebalancing-in-the-shadow-of-standalone-risk
- MSCI: https://ir.msci.com/news-releases/news-release-details/msci-launches-consultation-proposal-reclassify-indonesia
- KAF Sekuritas: https://www.kafsekuritas.co.id/id/post/keputusan-msci-november-2026-jadwal-saham-terdampak-dan-dampaknya-ke-ihsg
- Kompas: https://money.kompas.com/read/2026/11/10/171800826/ihsg-hari-ini-10-11-ditutup-menguat-102-persen-ke-level-512573
- Antara: https://www.antaranews.com/berita/5844367/ihsg-selasa-ditutup-menguat-didukung-sentimen-penurunan-harga-minyak
