BUMI, PANI Seen Entering MSCI as Foreign Inflows May Reach $300 Million

JAKARTA, Investortrust.id — Shares on the Indonesia Stock Exchange are expected to see changes in the MSCI Indonesia Index, with the official announcement scheduled for Monday, Feb 10, 2026 in Jakarta and rebalancing effective from March 1, 2026, potentially triggering sizable foreign fund flows. The review is closely watched by global investors tracking MSCI benchmarks.

According to research by Samuel Sekuritas Indonesia, MSCI classified stocks into potential inclusions and potential exclusions for the MSCI Indonesia Global Standard and MSCI Indonesia Small Cap indices. The assessment was based on market capitalization, free float, and liquidity metrics.

For the MSCI Indonesia Global Standard, PT Bumi Resources Tbk or BUMI and PT Pantai Indah Kapuk Dua Tbk or PANI were identified as potential additions. Their inclusion could significantly reshape index composition and capital flows.

Samuel Sekuritas said BUMI recorded a market capitalization of $10.339 billion with a free float of 28.3 percent, translating into a free-float adjusted value of $2.924 billion. “Foreign inflow potential is estimated at around $180 million to $300 million,” the research note said.

PANI posted a market capitalization of $13.345 billion with a free float of 15.9 percent and a free-float adjusted value of $2.124 billion. The potential foreign inflow for the stock was also projected in the range of $180 million to $300 million.

In the MSCI Indonesia Small Cap category, nine stocks were listed as potential inclusions. These included PT Darma Henwa Tbk or DEWA, PT Indosat Tbk or ISAT, and PT Adaro Minerals Indonesia Tbk or ADMR.

Other names on the list were PT Indokripto Koin Semesta Tbk or COIN, PT Bumi Resources Minerals Tbk or BRMS, PT Bukit Uluwatu Villa Tbk or BUVA, PT Timah Tbk or TINS, PT Buana Lintas Lautan Tbk or BULL, and PT Surya Semesta Internusa Tbk or SSIA.

“All stocks in the Small Cap inclusion group are estimated to have potential foreign inflows of around $18 million to $30 million each,” Samuel Sekuritas said.

On the exclusion side, Samuel Sekuritas projected that PT Indofood Sukses Makmur Tbk or INDF could be removed from the MSCI Indonesia Global Standard. The stock carried a market capitalization of $3.688 billion and a free float of 49.9 percent, with potential foreign outflows estimated at $180 million to $300 million.

Meanwhile, four stocks were flagged as potential exclusions from the MSCI Indonesia Small Cap index. These were PT Astra Agro Lestari Tbk or AALI, PT Midi Utama Indonesia Tbk or MIDI, PT Ace Hardware Indonesia Tbk or ACES, and PT Sariguna Primatirta Tbk or CLEO.

“Each of these four stocks is estimated to face potential foreign outflows of around $18 million to $30 million,” the research note said.