Morgan Stanley Capital International (MSCI) dropped eight Indonesian issuers from its global indexes in the November 2026 review. As a result, the number of Indonesian stocks in the MSCI Global Standard Indexes and MSCI Global Small Cap Indexes falls to 35 from 43.

Who comes out and who goes in

In the MSCI Global Standard Indexes, two stocks were removed: PT Barito Pacific Tbk. (BRPT) and PT Bumi Resources Minerals Tbk. (BRMS). No Indonesian stock was added to that index.

In the MSCI Global Small Cap Indexes, seven stocks were removed and one was added. BRMS is the only addition, after leaving the Global Standard group. The seven removed from Small Cap are:

• PT Avia Avian Tbk. (AVIA)
• PT Ciputra Development Tbk. (CTRA)
• PT Dayamitra Telekomunikasi Tbk. (MTEL)
• PT Elang Mahkota Teknologi Tbk. (EMTK)
• PT Jasa Marga (Persero) Tbk. (JSMR)
• PT Rukun Raharja Tbk. (RAJA)
• PT Solusi Sinergi Digital Tbk. (WIFI)

In all, eight Indonesian stocks lose membership in both groups of MSCI indexes, while BRMS merely moves from the standard index to the small-cap index.

Effective date and data notes

According to MSCI's announcement on Thursday (12/11/2026), the composition changes take effect after the close of trading on 30 November 2026. The review used data with a price cutoff date of 20 October 2026. The results may still be updated to reflect corporate actions, the treatment of the Ineligible Alert Board (IAB) and other relevant adjustments until the effective date.

Summary of changes

• MSCI Global Standard Indexes: no additions; BRPT and BRMS removed.
• MSCI Global Small Cap Indexes: BRMS added; AVIA, CTRA, MTEL, EMTK, JSMR, RAJA and WIFI removed.

Composition of the Indonesia standard index

Before this review, the MSCI Indonesia Index (the standard index) had nine constituents. In October 2026 data, the largest weight belonged to PT Bank Central Asia Tbk. (BBCA) at 29.51%, followed by PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI) at 20.40% and PT Bank Mandiri (Persero) Tbk. (BMRI) at 16.69%. Those three banks hold about 66.6% of the index's total weight.

Outside the financial sector, PT Telkom Indonesia (Persero) Tbk. (TLKM) weighs 10.61%, followed by PT Astra International Tbk. (ASII) at 9.34%. The rest are PT Bank Negara Indonesia (Persero) Tbk. (BBNI) at 5.21%, PT United Tractors Tbk. (UNTR) at 3.53%, BRPT at 2.47% and BRMS at 2.26%.

The nine stocks of the MSCI Indonesia Index as of October 2026:

• BBCA, Bank Central Asia (29.51%)
• BBRI, Bank Rakyat Indonesia (20.40%)
• BMRI, Bank Mandiri (16.69%)
• TLKM, Telkom Indonesia (10.61%)
• ASII, Astra International (9.34%)
• BBNI, Bank Negara Indonesia (5.21%)
• UNTR, United Tractors (3.53%)
• BRPT, Barito Pacific (2.47%), leaving at the end of November
• BRMS, Bumi Resources Minerals (2.26%), leaving at the end of November

Once BRPT and BRMS leave, the standard index is theoretically left with seven Indonesian stocks, provided no further adjustments occur before the effective date.

The Indonesia Small Cap index

The MSCI Indonesia Small Cap Index previously had 34 constituents. In this review BRMS enters and seven others exit, so the count theoretically becomes 28 once the changes take effect. Combined, Indonesian stocks across Global Standard and Small Cap, previously 43, will become 35.

The ten largest weights in the MSCI Indonesia Small Cap Index as of October 2026:

• INDF, Indofood Sukses Makmur (8.84%)
• ADRO, Alamtri Resources Indonesia (6.64%)
• AADI, Adaro Andalan Indonesia (5.93%)
• CPIN, Charoen Pokphand Indonesia (5.48%)
• MDKA, Merdeka Copper Gold (5.16%)
• ENRG, Energi Mega Persada (4.65%)
• BUMI, Bumi Resources (4.63%)
• PGAS, Perusahaan Gas Negara (4.47%)
• PTBA, Bukit Asam (3.91%)
• KLBF, Kalbe Farma (3.88%)

This article is not an invitation to buy or sell shares. Investment decisions rest entirely with the reader.

Sources

• MSCI Coret 8 Saham BEI, Jumlah Konstituen Indonesia Tersisa 35 — Bisnis.com, 12 November 2026. https://market.bisnis.com/read/20261112/7/2020709/msci-coret-8-saham-bei-jumlah-konstituen-indonesia-tersisa-35