MSCI Review Results: Here Is the List of Stocks Removed

In the early hours of Thursday, 12 November 2026, MSCI released the MSCI November 2026 review results, and today's MSCI results brought unpleasant news for the domestic stock market. The list of MSCI-removed stocks includes eight Indonesian issuers, while one other issuer was downgraded. Not a single Indonesian stock was added.

Key Takeaways

• MSCI removed eight Indonesian stocks in the November 2026 review, while BRMS was downgraded from Global Standard to Small Cap.
• The changes take effect after the close of trading on 30 November 2026, with an effective date of 1 December 2026.
• No Indonesian stocks were added, and potential selling pressure from index-tracking investors should be watched closely.

List of Stocks Removed from MSCI in the November 2026 Review

Citing Antara from MSCI's announcement, two Indonesian stocks were removed from the MSCI Global Standard Indexes, namely Barito Pacific (BRPT) and Bumi Resources Minerals (BRMS). No Indonesian stocks were added to the index.

BRMS has not disappeared completely. According to Kumparan, this issuer was downgraded to the MSCI Small Cap Indexes and became the only Indonesian stock included in that category.

Meanwhile, the seven stocks removed from the MSCI Small Cap Indexes are:

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

Thus, the stocks fully removed from MSCI total eight: BRPT plus the seven Small Cap issuers above. In the Micro Cap category, there were no changes for Indonesian stocks.

Read Also: Pandu Sjahrir, MSCI, and the Indonesian Stock Market: Are Tokenized Stocks an Alternative?

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MSCI November 2026 Rebalancing: When It Takes Effect and What the Impact Is

All changes take effect after the close of trading on 30 November 2026, with an effective date of 1 December 2026, according to Antara.

Stocks removed from the index may face selling pressure from investment managers tracking the MSCI index, wrote Periskop. On the exchange, the IDX Composite was volatile on Thursday, 12 November 2026. In addition to the MSCI announcement, rising United States inflation also weighed on the market, according to Kompas.com.

BRI Danareksa Sekuritas expects the review results to trigger portfolio adjustments, especially in affected stocks. Volatility may also increase ahead of the effective date.

The absence of new stock additions is also not a total surprise. Previously, MSCI maintained a freeze on Indonesian stocks until the November 2026 review, including postponing the addition of new stocks and increases in the Foreign Inclusion Factor, according to Bisnis.com.

Meanwhile, the proposed change to Indonesia's market classification is still in the consultation period, with a decision no later than 30 June 2027.

Read Also: MSCI Proposes Changing Indonesia's Classification, Are Tokenized US Stocks an Alternative?

Two SOEs Pushed Out, How Are Their Performance?

This review adds to the list of SOEs pushed out of MSCI. In the August 2026 review, MSCI first removed Semen Indonesia (SMGR) from the Small Cap Index, according to EmitenNews. Now it is Mitratel and Jasa Marga's turn.

From January to September 2026, Mitratel posted a net profit of Rp1.55 trillion with revenue of Rp7.01 trillion and an EBITDA margin of 82.9 percent. Jasa Marga recorded toll revenue of Rp14.32 trillion, growing 6.75 percent. Its profit for the period reached Rp3.70 trillion, up 3.78 percent.

This means the financial performance of both issuers is still growing. A stock's removal from an index does not automatically indicate that its business is deteriorating.

Globally, Indonesia's reshuffle is merely part of periodic adjustments. MSCI announced 13 additions and 100 deletions in the MSCI ACWI Index, according to Liputan6.

Read Also: Crypto Recommendations Worth Watching for November 2026

Conclusion

The MSCI November 2026 review results removed eight Indonesian stocks and downgraded BRMS to Small Cap without any additions. Selling pressure and volatility ahead of 1 December 2026 should be watched, but a stock's removal from an index is not the same as a deterioration in company performance.

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FAQ

1. How many Indonesian stocks were removed from MSCI?

Eight stocks were fully removed: BRPT, AVIA, CTRA, MTEL, EMTK, JSMR, RAJA, and WIFI. BRMS is not counted because it was only downgraded.

2. Was BRMS fully removed from MSCI?

No. BRMS was removed from the Global Standard Indexes, but was included in the MSCI Small Cap Indexes.

3. When do the MSCI index changes take effect?

The changes take effect after the close of trading on 30 November 2026. The effective date falls on 1 December 2026.

4. Were any Indonesian stocks added to MSCI in this review?

There were no additions in either Global Standard or Micro Cap. The only stock recorded as entering was BRMS, and that was into Small Cap as a result of a downgrade.

5. When is the next MSCI review?

The next review results are scheduled to be announced on 9 February 2027, with an effective date of 1 March 2027, according to Kumparan.

This article is for informational purposes only and is not financial or investment advice.