A global index drops six Indonesian firms as the rupiah dives

On 13 May 2026, the rupiah fell to a new record low of 17,535 to the US dollar, and Indonesia's main stock index, the Jakarta Composite, dropped 1.98 percent, with 428 companies losing value. Adding to the pain, MSCI, the firm that decides which stocks go into the global indexes big funds follow, removed six Indonesian companies from its main index. As Nikkei Asia reports, another 13 were dropped from its small-company index.

Being cut from these indexes matters because many funds automatically hold whatever is inside them. When a company is removed, those funds sell it. Analysts estimated this alone would push US$1 to 1.7 billion out of Indonesian shares, with total outflows possibly near US$2.8 billion once other changes are counted. The companies dropped included the miner Amman Mineral Internasional and the retailer Sumber Alfaria Trijaya, which owns the Alfamart stores. Indonesia's overall weight in one big Asia index slipped from 0.9 to 0.8 percent.

Officials tried to sound calm but did not hide the strain. Jeffrey Hendrik of the Indonesia Stock Exchange said "our market has been in a state of very high uncertainty," while a regulator noted that no stock had hit its daily fall limit that day. The moves came in the middle of a wider sell-off, as foreign investors pulled money out of a market already shaken by the falling rupiah.

Why it matters

If you hold Indonesian shares or a fund that tracks them, index changes like this can lower prices as automatic selling kicks in, even for solid companies. It also signals to the world that big investors are trimming their bets on Indonesia. Watch whether reforms bring these firms and their money back, or whether more exits follow.