FTSE Rebalancing Adds DSSA to Large Cap, Prajogo Pangestu Firms Left Out
Key Takeaways
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JAKARTA, Investortrust.id — FTSE Russell announces changes to the FTSE Global Equity Index Series for Indonesia in its September 2025 semi-annual review, with the rebalancing set to take effect on Monday, Sept. 22, 2025.
Ten stocks are added while seven are removed. Among the key changes, PT Dian Swastatika Sentosa Tbk, or DSSA, is elevated to the large-cap category, and PT Bank Danamon Indonesia Tbk, or BDMN, joins the mid-cap list.
Eight other companies are added to the micro-cap segment: PT Kawasan Industri Energi Nusantara Tbk (KEEN), PT Midi Utama Indonesia Tbk (MIDI), PT MNC Kapital Indonesia Tbk (BCAP), PT Mulia Industrindo Tbk (MLIA), PT Multi Bintang Indonesia Tbk (MLBI), PT Nusantara Mitra Abadi Tbk (CNMA), PT Sariguna Primatirta Tbk (CLEO), and PT Ultrajaya Milk Industry Tbk (ULTJ). Conversely, FTSE removes PT Bekasi Fajar Industrial Estate Tbk (BEST), PT Toba Bara Energi Tbk (TEBE), PT Pelita Samudera Shipping Tbk (PSSI), PT Metro Healthcare Indonesia Tbk (MTMH), PT Resource Alam Indonesia Tbk (KKGI), PT Semen Baturaja Tbk (SMBR), and PT Uni-Charm Indonesia Tbk (UCID).
Notably, none of the stocks linked to Indonesian tycoon Prajogo Pangestu appear in this FTSE rebalancing. This comes despite two of his companies, PT Petrindo Jaya Kreasi Tbk (CUAN) and PT Petrosea Tbk (PTRO), having recently been added to the MSCI index.
Earlier this month, Morgan Stanley Capital International (MSCI) reduced the weighting of DSSA in its own index calculation during its August 2025 review. MSCI cited uncertainty regarding DSSA’s free float portion, which investors argued distorted the company’s pro forma weight within the index.
“We respects MSCI’s decision under the policy it has set, specifically the adjustment factor of 0.5,” said DSSA Director Daniel Cahya in a public disclosure on Friday, Aug. 22, 2025.
The adjustment means MSCI now applies a Foreign Inclusion Factor (FIF) of 0.5 for DSSA shares, effectively lowering its representation in MSCI indices.
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