Here's the List of Stocks Delisted from MSCI in August 2026

August 2026 MSCI stock review results brought major changes for the Indonesian market. A total of 10 Indonesian stocks effectively lost their places in the MSCI index categories they previously occupied, consisting of GOTO, which exited Global Standard, and nine stocks removed from Global Small Cap. 

CPIN also exited Global Standard, but was not completely removed because it was moved to the Small Cap category. All changes will be implemented after the close of trading on August 31, 2026.

Key Takeaways

• GOTO exited MSCI Global Standard, while CPIN was downgraded from Global Standard to Global Small Cap.
• Nine Indonesian stocks were removed from MSCI Global Small Cap: ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI.
• The changes will take effect after the close on August 31, 2026, or be reflected effectively starting September 1, 2026.

List of Stocks Removed from MSCI in August 2026

There is one important point to understand before looking at the list. The review recorded two stocks exiting Global Standard, namely GOTO and CPIN. However, CPIN immediately entered Global Small Cap, so its status is more accurately described as a downgrade rather than a complete exit from the MSCI.

Source: AI-Generated Image

Using the definition of stocks that truly lost their previous category positions without moving to Small Cap, the following 10 stocks are in focus:

1. PT GoTo Gojek Tokopedia Tbk (GOTO) – removed from MSCI Global Standard.
2. PT Bank Jago Tbk (ARTO) – removed from MSCI Global Small Cap.
3. PT Bukalapak.com Tbk (BUKA) – removed from MSCI Global Small Cap.
4. PT ESSA Industries Indonesia Tbk (ESSA) – removed from MSCI Global Small Cap.
5. PT MD Entertainment Tbk (FILM) – removed from MSCI Global Small Cap.
6. PT Medikaloka Hermina Tbk (HEAL) – removed from MSCI Global Small Cap.
7. PT MNC Tourism Indonesia Tbk (KPIG) – removed from MSCI Global Small Cap.
8. PT Raharja Energi Cepu Tbk (RATU) – removed from MSCI Global Small Cap.
9. PT Semen Indonesia (Persero) Tbk (SMGR) – removed from MSCI Global Small Cap.
10. PT Transcoal Pacific Tbk (TCPI) – removed from MSCI Global Small Cap.

Also read: What Is MSCI Emerging Market and Why Is Indonesia’s Status in the Spotlight for Investors?

Why Isn’t CPIN Included in the List of 10 Stocks Exiting MSCI?

CPIN is in a slightly different position. PT Charoen Pokphand Indonesia Tbk was indeed removed from Global Standard, but then became the only Indonesian stock added to MSCI Global Small Cap in the August 2026 review.

This means CPIN did not disappear entirely from the MSCI universe. The stock was downgraded from the Standard segment to Small Cap.

Overall, Global Standard lost two Indonesian stocks and gained no new constituents. In Small Cap, CPIN was added while nine stocks were removed. As a result, the net number of Indonesian constituents in Small Cap fell by eight stocks.

This distinction is important so investors do not equate “exiting Global Standard” with “exiting the entire MSCI index universe.”

Also read: What Does MSCI Emerging Market Status Mean for Indonesia and Stock Investors?

Why Did GOTO Exit MSCI?

GOTO became one of the stocks receiving the most attention in the latest review. Previously, index changes for the stock had been frozen due to liquidity issues after GOTO shares traded for an extended period at the minimum price of IDR 50.

This situation created an issue of index replicability. Investors who manage funds based on an index must be able to buy and sell shares in sufficiently large quantities so their portfolios can track the index composition.

When liquidity is considered inadequate, index replication becomes more difficult. In the August review, GOTO was ultimately removed from the MSCI Indonesia Index.

The decision relates to technical trading and liquidity considerations. Therefore, removal from the index does not automatically mean the company’s business fundamentals have deteriorated.

Also read: AI Stocks Surge! CoreWeave and Super Micro Drive the AI Infrastructure Rally

What Is the Impact When a Stock Exits MSCI?

When a stock leaves an index used as a benchmark by ETFs or passive funds, fund managers generally need to adjust their portfolios to continue tracking the index composition.

In practical terms, this can create:

• potential selling pressure ahead of the effective date;
• higher trading volume;
• short-term price volatility;
• changes in foreign investor ownership;
• portfolio adjustments by institutions that track the index.

However, exiting MSCI does not mean a stock’s price will definitely fall. Prices are still influenced by company fundamentals, valuation, sentiment, IDX Composite conditions, financial performance, and the activity of other investors.

Rebalancing effects can also occur before the effective date because some market participants try to anticipate passive fund transactions.

Also read: Cerebras Becomes an Nvidia Rival as AI Hardware Business Falls 23%

When Will the August 2026 MSCI Stock Removals Take Effect?

The review was announced on August 12, 2026, while the composition changes will be implemented after the close of trading on August 31, 2026. Therefore, the new composition will effectively be reflected starting with trading on September 1, 2026.

The period between the announcement and the effective date usually attracts investor attention because fund managers have time to prepare portfolio adjustments.

Retail investors should not react only to headlines about stocks exiting MSCI. Pay attention to trading volume, foreign investor activity, fundamentals, and the valuation of each issuer before making a decision.

Also read: MSCI Retains Indonesia as an Emerging Market

What Is Indonesia’s Status in MSCI?

Indonesia remains classified as an Emerging Market, but the freeze on adding new Indonesian stocks was still in effect in the August 2026 review.

The freeze limits, among other things, new inclusions and certain increases related to Indonesian stock weights. Market reform developments and ownership transparency remain areas of focus ahead of the next evaluation.

The November 2026 review is therefore a key event to watch, particularly regarding the direction of MSCI’s policy toward the Indonesian market.

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What Should Investors Do?

Investors should separate the technical impact of rebalancing from a company’s fundamental condition.

Stocks removed from MSCI may experience pressure due to passive fund adjustments, but this does not automatically change the company’s revenue, earnings, assets, or business prospects.

Some more relevant factors to examine include:

• latest financial performance;
• stock valuation;
• trading liquidity;
• foreign ownership;
• free float;
• price and volume trends;
• the company’s industry outlook.

With this approach, investment decisions do not depend solely on a stock’s status within an index.

Conclusion

The August 2026 MSCI stock review resulted in significant changes for Indonesia. GOTO exited Global Standard, while nine stocks—ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI—were removed from Global Small Cap.

CPIN also exited Global Standard, but immediately entered Global Small Cap, making it more accurate to describe the move as a downgrade. All changes will be implemented after the close of trading on August 31, 2026.

For investors, a stock’s removal from MSCI can trigger passive fund adjustments and short-term volatility. However, investment decisions should still consider the fundamentals, valuation, liquidity, and risk profile of each stock.

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FAQ

Which Stocks Were Removed from MSCI in August 2026?

GOTO exited Global Standard, while ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, and TCPI exited Global Small Cap.

Did CPIN Exit MSCI?

CPIN exited MSCI Global Standard, but then entered Global Small Cap. So CPIN did not completely leave the MSCI universe.

When Does the August 2026 MSCI Rebalancing Take Effect?

The changes will be implemented after the close of trading on August 31, 2026. The new composition will begin to be reflected effectively on September 1, 2026.

Why Was GOTO Removed from MSCI?

GOTO’s removal relates to liquidity issues and the ability of index-tracking investors to trade the stock in sufficient size.

Will Stocks Removed from MSCI Definitely Fall?

No. Rebalancing can create selling pressure from passive funds, but stock prices are still determined by many factors, including fundamentals, valuation, liquidity, and market sentiment.