Foreign investors were recorded withdrawing funds from the Indonesian capital market following the announcement that 18 Indonesian stocks had been removed from the Morgan Stanley Capital International (MSCI) index. This foreign net sell action also pressured the movement of the Composite Stock Price Index (IHSG) during Wednesday’s (13/5) trading session.

Based on RTI Business trading data, foreign net sell throughout yesterday’s session reached Rp1.53 trillion. The largest selling pressure occurred in blue-chip category stocks.

The biggest foreign net sell was recorded in shares of PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), amounting to Rp273.55 billion. In second place was PT Bank Mandiri (Persero) Tbk (BMRI), which posted a net foreign sell value of Rp139.8 billion.

Meanwhile, PT Amman Mineral Internasional Tbk (AMMN) recorded foreign net sell worth Rp123.7 billion. In fourth place, PT Bank Central Asia Tbk (BBCA) experienced net foreign sell totaling Rp91.8 billion. PT Aneka Tambang (Persero) Tbk (ANTM) ranked fifth with foreign net selling reaching Rp62.7 billion.

At the same time, the IHSG closed down 1.98% at the level of 6,723.32 during Wednesday’s trading session. Trading volume reached 38.94 billion shares with a total transaction value of Rp19.79 trillion.

The decline in the IHSG was generally driven by massive selling actions from foreign investors reacting to the removal of several Indonesian stocks from the MSCI index. A number of the delisted stocks were leading blue-chip companies that had previously supported the IHSG’s movement, especially those removed from the MSCI Global Standard Index.

Senior Technical Analyst at PT Mirae Asset Sekuritas, Nafan Aji Gusta, stated that the foreign sell-off was triggered by the declining attractiveness of those stocks. According to him, foreign investors use MSCI as a primary benchmark for their investments in Indonesian equities.

“This announcement has become a negative sentiment for the IHSG because stocks removed from the MSCI index are likely to lose their appeal among foreign investors who rely on the index as an investment benchmark,” he told detikcom on Wednesday (13/5/2026).