MSCI Removes GoTo, Charoen Pokphand from Global Standard Indexes
MSCI Inc. said it will remove Indonesia’s GoTo Gojek Tokopedia and Charoen Pokphand Indonesia from its Global Standard Indexes in its latest review. Charoen Pokphand will move to the MSCI Global Small Cap Indexes, while GoTo will not be added to small caps. Changes take effect after Aug. 31, 2026 close.
How this was made

The 30-second read
Why it matters
Removal from MSCI Global Standard Indexes can reduce benchmark demand, while reclassification into small-cap indices can shift ownership toward small-cap trackers. The effective date after Aug. 31 close creates a clear window for rebalancing-related positioning.
Market read
This is a benchmark-reconstitution event for two Indonesian constituents, with potential mechanical flow effects into and around Aug. 31.
What to watch
Actual price impact will depend on index weight changes, liquidity, and whether other MSCI index families (beyond those named) also include the same constituents.
Background
MSCI reviews index constituents periodically; changes are implemented on a set effective date and are followed by index-tracking funds.
Market effects
Could modestly reallocate capital within Indonesia’s tech and consumer/agribusiness complex via MSCI benchmark tracking.
May affect Indonesian large-cap versus small-cap relative flows as MSCI ACWI Small Cap and Standard Index constituents are rebalanced.
MSCI changes are widely tracked by international institutional investors, so the reconstitution can ripple into EM and ACWI index-linked positioning.
Counterpoint
If active managers already underweight the removed names, passive rebalancing impact may be muted versus broader EM risk factors.
Key entities
- index_providerMSCI Inc.
Announced Global Standard Index and Global Small Cap Index constituent changes for Indonesia, effective after Aug. 31 close.
- companyGoTo Gojek Tokopedia
Removed from MSCI Global Standard Indexes; not listed among Indonesian additions to the small-cap category in the article.
- companyCharoen Pokphand Indonesia
Removed from MSCI Global Standard Indexes and added to MSCI Global Small Cap Indexes.

