JAKARTA – Global index provider Morgan Stanley Capital International (MSCI) has officially removed five large Indonesian stocks from its MSCI Global Standard Index.

According to MSCI’s official publication on Wednesday (May 13, 2026), the five stocks removed include those from the energy and mining sectors: PT Amman Mineral Internasional Tbk (AMMN), PT Barito Renewables Energy Tbk (BREN), and PT Dian Swastatika Sentosa Tbk (DSSA). PT Aneka Tambang Tbk (ANTM) was also among the 13 stocks removed from the MSCI Small Cap Indexes category during the same evaluation period.

MSCI will conduct its next periodic review on August 12, 2026. The results of this periodic review will take effect on September 1, 2026.

Bisman Bakhtiar, Executive Director of the Center for Energy and Mining Law Studies (PUSHEP), assessed that the implications could depress the issuer’s share price and liquidity in the short term.

“However, it won’t have a major impact on the company’s fundamentals if its business performance and commodity prices remain stable,” he told Dunia Energi on Wednesday (May 13).

However, Bisman said, the impact will not be significant because Indonesia’s energy and mining sectors are very strong and strategic. Demand will continue to exist globally, but it could indeed influence global investors’ perceptions of the Indonesian market.

According to Bisman, going forward, the most important thing is for issuers and regulators to strengthen corporate governance and increase share liquidity, as well as maintain certainty in investment policies.

“Furthermore, efforts to maintain investor confidence are needed to maintain the competitiveness of the energy and mining sectors,” Bisman said. (RA)