MSCI-Deletions Trigger Sharp Selloff in Indonesian Stocks
Jakarta. Stocks removed from the MSCI Global Standard Index posted steep losses on Tuesday after MSCI Inc.’s latest index review excluded six Indonesian companies, fueling concerns over foreign outflows from passive investment funds.
Shares of Chandra Asri Pacific (TPIA) led the decline, plunging 13.27%, while Amman Mineral Internasional (AMMN) dropped 10.32% and Dian Swastatika Sentosa (DSSA) fell 10.3%.
Petrindo Jaya Kreasi (CUAN) slid 9.52%, followed by Barito Renewables Energy (BREN), which lost 7.48%. Shares of retailer Sumber Alfaria Trijaya (AMRT) declined 2.12%.
The selloff came after MSCI announced that no Indonesian stocks would be added to the MSCI Global Standard Index in its May 2026 review, while six domestic firms would be removed. The changes will become effective on June 1.
The broader Indonesian market also weakened sharply. The Jakarta Composite Index reversed earlier gains of as much as 1% and fell 1.43% to 6,807.13 by the end of the first trading session.
Technology stocks became the biggest drag on the benchmark, with the sector index tumbling 5.07%, followed by utilities, down 2.59%, and healthcare, which lost 2.09%.
MSCI also reshuffled its Global Small Cap Indexes, adding only AMRT, while removing 13 others.
The deleted small-cap names included Aneka Tambang (ANTM), PT Astra Agro Lestari (AALI), Bumi Serpong Damai (BSDE) and PT Industri Jamu dan Farmasi Sido Muncul (SIDO).
Among them, MNC Digital Entertainment (MSIN) recorded the sharpest decline, falling 14.81%, while Midi Utama Indonesia (MIDI) and Sawit Sumbermas Sarana (SSMS) each dropped more than 7%.
Only Pacific Strategic Financial (APIC) moved against the broader market trend, surging 11.21%.
Investors said the MSCI review could accelerate outflows from global passive funds tracking the benchmark indexes, adding pressure to Indonesian equities amid weakening market sentiment.
Total trading value reached Rp 7.5 trillion ($428 million), with 18.9 billion shares changing hands in nearly 1.5 million transactions.
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