## FTSE Russell Drops 14 Indonesian Shares From Global Index Membership
Jakarta — International index provider FTSE Russell has decided to remove 14 Indonesian-listed companies from its global indexes as part of its December 2026 quarterly review. The move affects stocks across all market-capitalization tiers, from large and mid-cap names to small- and micro-cap issuers, and is scheduled to take effect on Monday, 21 December 2026.
The decision underscores ongoing adjustments to how Indonesian equities are treated within FTSE Russell’s index framework, even as the country retains its classification as a Secondary Emerging Market.
## Breakdown by Market Capitalization
### Large Cap
In the large-cap segment, FTSE Russell is removing one stock: PT Bank Syariah Indonesia Tbk (BRIS).
### Mid Cap
Two mid-cap stocks are being dropped:
– PT Dayamitra Telekomunikasi Tbk (MTEL), also known as Mitratel
– PT Tower Bersama Infrastructure Tbk (TBIG)
### Small Cap
Two small-cap names are exiting the indexes:
– PT Mitra Adiperkasa Tbk (MAPI)
– PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM)
### Micro Cap
The largest group of deletions is in the micro-cap category, where nine Indonesian stocks are being removed:
1. PT Bank Mayapada Internasional Tbk (MAYA)
2. PT Indomobil Sukses Internasional Tbk (IMAS)
3. PT Multi Bintang Indonesia Tbk (MLBI)
4. PT Sarana Meditama Metropolitan Tbk (SAME)
5. PT Sariguna Primatirta Tbk (CLEO)
6. PT Sawit Sumbermas Sarana Tbk (SSMS)
7. PT Sumber Tani Agung Resources Tbk (STTA)
8. PT Temas Tbk (TMAS)
9. PT Tempo Scan Pacific Tbk (TSPC)
In total, 14 Indonesian issuers will leave FTSE Russell indexes under this review.
## Review Timeline Still Provisional
FTSE Russell has stressed that the review results remain provisional and may still change until the close of trading on Friday, 4 December 2026. From Monday, 7 December 2026, the index changes will be treated as final.
According to FTSE Russell, revisions to the attached review file can be made up to the market close on 4 December 2026; thereafter, the changes become definitive.
## Special Policy for Indonesia Remains in Place
The removals come while FTSE Russell continues a special policy toward the Indonesian equity market that has been in effect since September 2026. In a statement dated 13 November 2026, the index provider said the special treatment of Indonesian stock indexes will remain through the December 2026 review.
FTSE Russell has acknowledged reform efforts by Indonesian capital-market authorities, particularly steps aimed at improving market transparency. At the same time, it said more time is needed to assess how effectively those measures work in practice. The evaluation focuses on transparency of share-ownership data, stronger market supervision and monitoring, regulatory criteria, and consistency in rule enforcement.
## Adjustments Still Being Applied
During the evaluation period, FTSE Russell continues to implement selected index adjustments. These include updates to Industry Classification Benchmark (ICB) classifications, stock adjustments under the 1% buffer rule in quarterly reviews, and adjustments linked to declines in free float.
On free float, reductions that remain in force include cuts of more than 3% for stocks with free float above 15%, and reductions of more than 1% for stocks whose free float stands between 5% and 15%.
The provider is also still deleting stocks that no longer meet index requirements. Grounds for removal include prolonged suspension, placement on a watch list, failure to meet liquidity standards, and market capitalization falling below prescribed thresholds.
Other ongoing actions cover market-cap changes arising from corporate actions such as stock splits or spin-offs; reclassification of stocks downward from Large, Mid, or Small Cap into Micro Cap; and changes to index weight limits or capping. Adjustments also include shifts in Weighted Average Free Float (WAF) from a positive value to zero—including cases tied to stock deletions—as well as exclusions based on environmental, social, and governance (ESG), ethics, and sharia criteria.
## Some Index Changes Deferred Until March 2027
Separately, FTSE Russell has postponed several categories of index changes for Indonesian stocks until at least the March 2027 review. Deferred items include movements between Large Cap, Mid Cap, Small Cap, and Micro Cap; increases in free float; WAF updates other than those that set the value to zero; and the addition of new constituents, including stocks from initial public offerings (IPOs).
## High Shareholding Concentration Under Scrutiny
FTSE Russell has also highlighted High Shareholding Concentration (HSC). Under FTSE Free Float Restrictions, companies warned by regulators over concentrated ownership among a small number of shareholders may be removed in a subsequent review.
In the December 2026 evaluation, HSC-related deletions will be executed using market prices, effective from the open of trading on Monday, 21 December 2026. FTSE Russell said it will keep monitoring the liquidity of affected stocks so that deletion prices can be replicated by investors in the market.
## Market Status Unchanged
Despite the deletions, ongoing adjustments, and deferred changes, FTSE Russell confirmed that Indonesia’s capital market remains classified as a Secondary Emerging Market. Indonesia has not been placed on the FTSE Watch List.
