MSCI August 2026 Results: GOTO and CPIN Out, This is the Impact on the Stock Market

In the early hours of Indonesian time, Thursday, August 13, 2026, was a moment eagerly awaited by capital market participants since the start of the week. 

The MSCI August 2026 results were finally officially announced, and two big names—GOTO and CPIN—had to be removed from the MSCI Indonesia Index in the Global Standard category. 

This news completes a series of pressures that had previously caused the IHSG to weaken by 1.53% in trading on August 11, when investors chose to take a wait-and-see approach ahead of the announcement.

This removal did not stop at just those two names. Nine other issuers also had to exit the MSCI Global Small Cap Indexes in the same review round, making August 2026 one of the MSCI rebalancing editions with the highest number of removals for the Indonesian market in recent times.

Key Takeaways

• MSCI officially removes GOTO and CPIN from the Global Standard Index, while CPIN is moved to the Global Small Cap Index.
• Nine other stocks—ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI—are also removed from the MSCI Global Small Cap Indexes.
• All changes take effect after the close of trading on August 31, 2026, with Indonesia's status remaining Emerging Market until the next review in November 2026.

MSCI August 2026 Results: Who is Out and Who is In?

Based on the official announcement as quoted by CNBC Indonesia, MSCI did not add any new Indonesian stocks to the MSCI Global Standard Indexes in this review. Instead, two stocks were removed from that category: PT GoTo Gojek Tokopedia Tbk (GOTO) and PT Charoen Pokphand Indonesia Tbk (CPIN).

In the Global Small Cap category, only one Indonesian stock was added—namely CPIN itself, as a result of being moved from the Global Standard. 

On the other hand, nine stocks were officially removed from the Small Cap Indexes: Bank Jago (ARTO), Bukalapak (BUKA), ESSA Industries (ESSA), MD Entertainment (FILM), Medikaloka Hermina (HEAL), MNC Tourism (KPIG), Raharja Energi Cepu (RATU), Semen Indonesia (SMGR), and Transcoal Pacific (TCPI). 

Also Read: Nvidia's $500 Billion AI Funding, Are AI Crypto Tokens Also Benefiting?

With one stock in and nine out, the net change in Indonesia's Small Cap segment is minus eight constituents.

All these changes will take effect after the close of trading on the Indonesia Stock Exchange on August 31, 2026, and will be included in the index composition starting September 1, 2026.

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Illustration: Generated Image

Why was GOTO Stock Removed in a Different Way?

The removal of GOTO received special treatment that is unusual. MSCI removed this stock from the MSCI Indonesia Investable Market Index using the lowest system price of 0.00001—not the actual market price on the implementation date as is typical for constituent removals.

The reason, according to CNBC Indonesia, is that GOTO shares have been consistently trading at the minimum price of Rp50 on the Indonesia Stock Exchange since the close of trading on May 13, 2026. This low liquidity makes it difficult for institutional investors and passive fund managers to replicate index changes at a price that reasonably reflects market conditions. 

It is important to note that the 0.00001 figure is purely for MSCI index calculation system purposes and does not mean that GOTO shares are actually traded at that level.

This decision was actually not a sudden surprise. MSCI had previously postponed changes to the Number of Shares (NOS), Foreign Inclusion Factor (FIF), and GOTO's status in the May 2026 review, while stating that it would re-evaluate this stock's liquidity in the August review. The results of that evaluation ultimately led to a full removal.

Also Read: When is the Best Time to Buy Stocks for Beginner Investors?

CPIN Downgraded, Not Completely Out of MSCI

Unlike GOTO, CPIN shares are not actually completely off MSCI's radar. The animal feed producer was indeed removed from the MSCI Indonesia Index in the Global Standard category, but was immediately added to the MSCI Global Small Cap Indexes in the same review.

In other words, CPIN experienced a segment transfer or downgrade, not a total elimination from the MSCI index ecosystem. 

For investors whose portfolios track specific benchmark indices, this difference is important—CPIN will still be recorded as part of the MSCI Indonesia index coverage, just in the smaller capitalization group.

Also Read: List of Prajogo Pangestu's Stocks: BRPT, BREN, TPIA, CUAN, PTRO 

What is the Impact on the Indonesian Stock Market and Investors?

Changes in index composition like this have the potential to trigger portfolio adjustments from passive investment products that track MSCI benchmarks. Nevertheless, a number of analysts assess that the overall impact on the market will not be too significant. 

Hendry Wijaya, Financial Educator Manager at Sucor Sekuritas, stated that the results of this rebalancing are unlikely to have a significant effect on the IHSG's movement.

Meanwhile, Nafan Aji from Mirae Asset Sekuritas Indonesia previously emphasized that what is more important for investors to observe is the overall tone of MSCI's decision—whether it is relief, neutral, or a negative surprise—rather than just the details of the constituents.

Also Read: List of Stocks with the Most Investors in Indonesia 2026

The freeze policy that has been in effect since the beginning of the year is also still maintained: MSCI continues to freeze FIF and NOS increases for Indonesian stocks, does not accept the addition of new stocks to the Investable Market Indexes, and prohibits stocks from moving up from Small Cap to the Standard Index.

The good news is that Indonesia's weight in the global MSCI index is currently stable at 0.5%, recovering from the lowest point of 0.4% recorded in June 2026. 

It is also important to underline that the results of the August review are not a decision to downgrade Indonesia's status from Emerging Market to Frontier Market—the crucial evaluation point for that issue will only take place in the MSCI November 2026 Index Review.

Also Read: Futures Trading for Beginners: How It Works, Tips, and Risks

Conclusion

The MSCI August 2026 results confirm that pressure on Indonesian stocks with liquidity issues and ownership concentration continues, with GOTO and CPIN being the most concrete examples of two different treatments—full removal versus downgrade. 

The nine other stocks removed from the Small Cap Indexes also indicate that MSCI's selection process for Indonesian issuers is getting tighter.

Although the impact on the IHSG overall is estimated to be limited, investors still need to monitor developments leading up to the November 2026 review as the next crucial point for the status of the Indonesian capital market in MSCI's eyes.

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FAQ

Why did GOTO and CPIN exit MSCI in August 2026? 

GOTO was removed due to very low liquidity and has been consistently trading at the minimum price of Rp50 since May 2026, while CPIN was moved from the Global Standard to the Global Small Cap Index.

What is the difference between the removal of GOTO and CPIN? 

GOTO was completely removed from the Global Standard Index using the lowest system price, whereas CPIN was only downgraded and remains listed in the MSCI Global Small Cap Indexes.

Which stocks exited the MSCI Small Cap Index in August 2026? 

The nine stocks that exited are ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI.

When do the MSCI August 2026 changes take effect? 

The changes take effect after the close of trading on the Indonesia Stock Exchange on August 31, 2026, and will be included in the index starting September 1, 2026.

Does the MSCI August 2026 result mean Indonesia is downgraded from Emerging Market status? 

No. This decision is purely at the stock level, not a market status downgrade; the crucial evaluation regarding Indonesia's status will only take place in the MSCI November 2026 review.