Global index provider MSCI announced country classification changes for stocks from four countries: Brazil, Hong Kong, Sweden and the United States (US). The changes are part of an annual review of all securities in the MSCI Equity Universe.

Schedule and methodology basis

The changes take effect at the close of trading on 30 November 2026, or from 1 December 2026, and cover several stocks in the MSCI Standard and Small Cap indexes. The announcement was made on MSCI's website on 11 November 2026 and refers to Appendix III of the MSCI Global Investable Market Indexes (GIMI) Methodology. Country classification reviews are conducted annually, and the results are implemented together with the November Index Review.

Changes by country

• Brazil: MSCI removed JBS A from the Standard category. The stock changes classification and enters the MSCI USA Index in the Small category and the MSCI US Equity Index in the Standard category.
• Hong Kong: MSCI will add Wanguo Gold Group to the Small category.
• Sweden: two stocks are removed, Millicom Intl Cellular from the Standard category and Octave Intg B SDR from the Small category.

Octave Intg B SDR does not leave MSCI's coverage entirely, as it will enter the MSCI USA and MSCI US Equity Indexes, each in the Small category. MSCI will also add Tecnoglass Holdings to both US indexes in the Small category.

As a result, the US receives three additional stocks from this change: JBS A, Octave Intg B SDR and Tecnoglass Holdings.

Impact on Indonesia

MSCI said further announcements on country classification changes may be made at any time as needed. This announcement contains no Indonesian stocks on the list, so the decision has no direct impact on the composition of the MSCI Indonesia index.

Even so, MSCI's policy remains a focus for global market participants, including investors in Indonesia, because its indexes serve as an investment benchmark for asset managers and international institutional investors.

Sources

• MSCI Bongkar Pasang Klasifikasi Saham Indeks 4 Negara — CNBC Indonesia (Romys Binekasri), 13 November 2026 06:30. https://www.cnbcindonesia.com/market/20261113060151-17-784837/msci-bongkar-pasang-klasifikasi-saham-indeks-4-negara