FTSE Russell Removes 14 Indonesian Stocks in December 2026 Review, Effective December 21

FTSE Russell removed 14 Indonesian stocks from its global indexes in its December 2026 quarterly review, spanning large-, mid-, small- and micro-cap categories, with the changes taking effect December 21, 2026. Tekno reported the review results on November 14, 2026.

FTSE Russell's December 2026 Review Details

FTSE Russell said the review results remain provisional until Friday, December 4, 2026, and will be finalized on Monday, December 7, 2026. "Effective Monday, December 7, 2026, index review changes will be considered final," the index provider said in a statement on Saturday, November 14, 2026. Investment managers will adjust portfolios after the market closes on Friday, December 18, 2026.

In the large-cap category, FTSE Russell removed PT Bank Syariah Indonesia Tbk (BRIS). The mid-cap category saw two companies dropped: PT Dayamitra Telekomunikasi Tbk (MTEL) and PT Tower Bersama Infrastructure Tbk (TBIG). The small-cap category lost PT Mitra Adiperkasa Tbk (MAPI) and PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM).

The micro-cap category accounted for the largest number of removals, with nine companies from sectors ranging from banking to palm oil: PT Bank Mayapada Internasional Tbk (MAYA), PT Indomobil Sukses Internasional Tbk (IMAS), PT Multi Bintang Indonesia Tbk (MLBI), PT Sarana Meditama Metropolitan Tbk (SAME), PT Sariguna Primatirta Tbk (CLEO), PT Sawit Sumbermas Sarana Tbk (SSMS), PT Sumber Tani Agung Resources Tbk (STAA), PT Temas Tbk (TMAS) and PT Tempo Scan Pacific Tbk (TSPC).

FTSE Russell maintained Indonesia's classification as a Secondary Emerging Market and did not place the country on its watch list. The provider acknowledged reform measures by Indonesian capital market authorities but concluded more time was needed to assess shareholder data transparency, stronger market supervision and consistent regulatory enforcement. It extended restrictions on the treatment of Indonesian stocks until at least the March 2027 review. For the December 2026 review, only routine adjustments and removals due to declining free-float levels, downgrades to the micro-cap category or failure to meet eligibility requirements, including prolonged trading suspensions and liquidity issues, will be implemented. Positive index changes, including new constituents and increases in public shareholdings, remain on hold until the first quarter of next year.

FTSE Russell's Scale and Earlier Indonesia Review

FTSE Russell is a global index provider and LSEG subsidiary that designs and maintains benchmark equity and fixed-income indexes for asset managers, ETF sponsors and institutional investors, according to akta.pro company records. Approximately $12.2 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes, the same records show.

How the Indonesia Review Unfolded

On October 26, 2026, Tekno reported that FTSE Russell confirmed Indonesia's classification as a Secondary Emerging Market, with no Watch List placement, following a virtual meeting between IDX and FTSE leadership. On November 13, 2026, The future of trading reported that FTSE Russell extended its review of Indonesia's shareholder data transparency measures, concluding extra time was needed to assess their effectiveness.

What Happens After December 21

FTSE Russell will finalize the review results on December 7, 2026, and the changes take effect in the market on December 21, 2026. The provider's restrictions on Indonesian stocks remain in place until at least the March 2027 review.