MSCI November 2026 Index Review: Changes to Indonesian Stocks
MSCI Inc. has announced its November 2026 index review, resulting in several adjustments to the constituents of Indonesian stocks across its global indexes.
Portal Islam 
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MSCI Inc., a global index provider, has announced the results of its November 2026 index review, which includes several changes to the constituents of Indonesian stocks within its Global Standard and Global Small Cap categories. According to reports from ANTARA (Indonesia's national news agency) and Republika, the announcement was released in Jakarta on Thursday morning (UTC+7), detailing the removal and transfer of several issuers in the Indonesian capital market.
In the dynamics of both global and domestic economies, every change and adjustment carries its own lessons for market participants. As Muslims managing wealth and investments, it is essential to always prioritize caution, avoid excessive speculation (maysir) or prohibited uncertainty, and practice the values of 4 Ways to Be Grateful to Allah in every condition of sustenance that Allah has decreed.
Details of MSCI Indonesian Stock Constituent Changes
Based on the official announcement cited by ANTARA and Republika, there have been shifts and adjustments across several global index categories:
- MSCI Global Standard Indexes: Two Indonesian stocks have been removed: PT Barito Pacific Tbk (BRPT) and PT Bumi Resources Minerals Tbk (BRMS).
- MSCI Global Small Cap Indexes: PT Bumi Resources Minerals Tbk (BRMS) has been added to this category following its removal from the Global Standard. Additionally, seven stocks were removed: PT Avian Avian Tbk (AVIA), PT Ciputra Development Tbk (CTRA), PT Dayamitra Telekomunikasi Tbk (MTEL), PT Elang Mahkota Teknologi Tbk (EMTK), PT Jasa Marga Tbk (JSMR), PT Rukun Raharja Tbk (RAJA), and PT Solusi Sinergi Digital Tbk (WIFI).
- MSCI Micro Cap Indexes: There were no additions or removals of Indonesian stocks in this category.
Effective Date and Next Review
MSCI stated that all constituent changes will take effect after the market close on November 30, 2026. The effective date for these adjustments is set for December 1, 2026.
Furthermore, MSCI is scheduled to announce the results of its next periodic index review on February 9, 2027.
A Sharia Perspective on Financial Market Dynamics
The dynamics occurring in global stock exchanges often influence the psychology of investors in the domestic market. From an Islamic economic perspective, price fluctuations and index adjustments are inevitable in the world of trade. Therefore, for Muslim families and micro, small, and medium enterprises (MSMEs) monitoring economic developments, stock investments must always be based on halal instruments, issuers with strong fundamentals, and must be free from usury (riba) and deceptive transactions (gharar).
The Prophet Muhammad ﷺ encouraged his followers to always be honest and trustworthy in their dealings. Peace of mind in seeking a livelihood is far more valuable than mere temporary material gain.
وَلَا تَأْكُلُوْٓا اَمْوَالَكُمْ بَيْنَكُمْ بِالْبَاطِلِ وَتُدْلُوْا بِهَآ اِلَى الْحُكَّامِ لِتَأْكُلُوْا فَرِيْقًا مِّنْ اَمْوَالِ النَّاسِ بِالْاِثْمِ وَاَنْتُمْ تَعْلَمُوْنَ ࣖ ﴿١٨٨﴾
And do not consume one another's wealth unjustly or send it [in bribery] to the rulers in order that [they might aid] you [to] consume a portion of the wealth of the people in sin, while you know [it is unlawful].
Qur'an, Surah Al-Baqara [2]: 188 (Sahih International)
May every step we take in seeking sustenance always receive guidance, blessings, and protection from Allah, thereby bringing peace to our families and the surrounding community.
