MSCI is scheduled to announce the results of its November index review on Thursday morning (12/11/2026), at around 05:00 WIB. Changes to index composition will be applied at the close of trading on Monday (30/11/2026). According to CNBC Indonesia Research, four Indonesian stocks are in the spotlight: three in the Small Cap segment and one in the Standard segment.

Rules still in force

MSCI continues to freeze additions of new stocks to the Investable Market Indonesia index and promotions to higher segments. Deletions and moves to lower segments can still happen. MSCI has also said that deletions of stocks flagged as HSC (High Shareholding Concentration) by Indonesian authorities continue while the freeze is in place.

Small Cap: MTEL, WIFI and RAJA

MTEL (Dayamitra Telekomunikasi) is seen as the strongest candidate because it is on the HSC list. The stock closed at Rp340 on Monday (9/11/2026), with an estimated free-float market capitalization of about US$177 million.

WIFI (Solusi Sinergi Digital) closed at Rp840 with an estimated free float of about US$99 million, down from US$107 million on October 30. That is far below the US$464 million average of MSCI Indonesia Small Cap constituents. Even at its highest close in the last 10 sessions of October, WIFI's free float reached only US$144 million, still below the US$173 million retention threshold assumed in the simulation.

RAJA (Rukun Raharja) fell from Rp500 on October 23 to Rp394 on October 30, then closed at Rp378 on November 9. Its estimated free float is about US$108 million (US$112 million at end-October), and at its highest close in the last 10 October sessions it reached only US$142 million, also below the simulation threshold.

For WIFI and RAJA, the source cautions that eligibility to stay still depends on the reference price, foreign ownership factor and the retention threshold MSCI uses.

Standard: BRMS could be downgraded

BRMS (Bumi Resources Minerals) is the only Standard-segment stock considered likely to be downgraded. It closed below the Rp440 retention price threshold (a Mirae Asset Sekuritas estimate) in nine of the last ten sessions of October; on October 30 it closed at Rp332, Rp108 below the threshold. On November 9 BRMS closed at Rp310 with an estimated free float of about US$1.35 billion. If it leaves Standard, Mirae's main scenario is a move to Small Cap, as happened to CPIN in the August review.

What investors should watch

When the results are announced, investors are advised to check the Standard deletions list and the Small Cap additions list together to see whether BRMS changes segment. For MTEL, WIFI and RAJA, confirmation would be in the Small Cap deletions list. Volume and liquidity ahead of the November 30 close also deserve attention, as index-tracking funds may adjust portfolios; for stocks changing segments, selling by Standard trackers may be partly offset by buying from Small Cap trackers.

Note: the analysis above is the view of CNBC Indonesia Research and is not an invitation to buy, hold or sell any stock. Investment decisions rest entirely with the reader.

Sources

• MSCI Bakal Umumkan Review Kamis: Seperti Apa Kisi-Kisi & Skenarionya? — CNBC Indonesia Research (Gelson Kurniawan), 10 November 2026. https://www.cnbcindonesia.com/research/20261110144326-128-783923/msci-bakal-umumkan-review-kamis-seperti-apa-kisi-kisi-skenarionya