周一（10月27日），印尼股市盘中创下6个多月来的最大跌幅。来自指数编制公司明晟（MSCI）的一份文件引发了对印尼股票权重可能调整的担忧。 周一开盘后，印尼综合指数持续下跌，最大跌幅3.8%；MSCI印尼指数下跌2.52%。 使用KSEI数据的考虑源于其将股东详细分类为公司和个人类别。"尽管如此，KSEI的数据不会直接用于计算股票的自由流通量。"明晟公司补充道。 此外，明晟公司正在探索一种更全面的方法来评估印度尼西亚股票，其中可能包括将以股代息的股票（scrip-based shares）排除在自由流通量计算之外。 作为替代方案，MSCI还考虑将股票股东（scrip shareholders）和公司股东（corporate shareholders）排除在自由流通量计算之外。 分析认为，如果指数最终按照新规则进行调整，预计调整幅度在5%—13%。这意味着跟踪MSCI印度尼西亚指数的基金经理可能需要调整其投资组合持有 量的大约5%—13%。 明晟公司管网显示，跟踪MSCI印尼指数的ETF基金有5只，但没有公布具体规模。 | Ticker | Provider | Name | Product type | In ...

Core Viewpoint - The significant drop in the Indonesian stock market on October 27 was primarily triggered by concerns over potential adjustments to the MSCI Indonesia Index's stock weightings, as indicated in a report by MSCI [1][2]. Group 1: Market Reaction - The Indonesian Composite Index experienced its largest decline in over six months, with a maximum drop of 3.8%, while the MSCI Indonesia Index fell by 2.52% [1]. - Major companies saw their stock prices decline, including PT Barito Renewables Energy Tbk (BREN) down 14.99%, PT Bank Central Asia Tbk (BBCA) down 0.91%, and PT Dian Swastatika Sentosa Tbk (DSSA) down 12.12% [1]. Group 2: MSCI Report Insights - MSCI is considering using monthly shareholder registration data from the Indonesian Central Securities Depository (KSEI) to determine the free float of Indonesian listed companies, although this plan is not yet finalized [3]. - The consultation period for this proposal is expected to last until December 31, 2025, with final results to be announced on January 30, 2026, and implemented in the index adjustments in May 2026 [3]. Group 3: Methodology Considerations - The consideration to use KSEI data stems from its detailed classification of shareholders into corporate and individual categories, although KSEI data will not be directly used for calculating free float [5]. - MSCI is also exploring a more comprehensive approach to assess Indonesian stocks, which may involve excluding scrip-based shares from the free float calculation [6]. Group 4: Potential Impact on Funds - Analysts predict that if the index is adjusted according to the new rules, the adjustment could range from 5% to 13%, implying that fund managers tracking the MSCI Indonesia Index may need to adjust their portfolio holdings by approximately 5% to 13% [7]. - There are currently five ETFs tracking the MSCI Indonesia Index, although specific sizes of these funds have not been disclosed [7][8].

Core Viewpoint - The Indonesian stock market experienced its largest drop in over six months, primarily due to concerns regarding potential adjustments to the weight of Indonesian stocks in the MSCI index, as indicated by a report from MSCI [1][3]. Market Performance - On Monday, the Indonesian Composite Index fell significantly, with a maximum decline of 3.8%, while the MSCI Indonesia Index decreased by 2.52% [2]. - Major companies saw declines in their stock prices, including PT Barito Renewables Energy Tbk (BREN) down 14.99%, PT Bank Central Asia Tbk (BBCA) down 0.91%, and PT Dian Swastatika Sentosa Tbk (DSSA) down 12.12% [2]. MSCI Report Insights - The primary cause of the market drop was a consultation report from MSCI, which is considering changes to how the free float of Indonesian stocks is calculated [3]. - MSCI proposed using monthly shareholder registration data from the Indonesian Central Securities Depository (KSEI) to determine the free float of listed companies, although this plan is not finalized and feedback from market participants is being sought until December 31, 2025 [4]. Data Utilization and Methodology - The consideration to use KSEI data stems from its detailed classification of shareholders into corporate and individual categories, although KSEI data will not be directly used for calculating free float [5]. - MSCI is also exploring a more comprehensive approach to assess Indonesian stocks, which may involve excluding scrip-based shares from the free float calculation [6]. Potential Adjustments and Impact - As an alternative, MSCI is considering excluding scrip shareholders and corporate shareholders from the free float calculation. If the index is adjusted according to the new rules, the expected adjustment range is between 5% and 13%, which may require fund managers tracking the MSCI Indonesia Index to adjust their portfolio holdings by approximately 5% to 13% [7]. - There are currently five ETFs tracking the MSCI Indonesia Index, although specific sizes have not been disclosed [7][8]. MSCI Overview - MSCI is a global provider of indices and related financial products, widely referenced by investment professionals, including portfolio managers and financial media. As of December 31, 2024, assets under management based on MSCI indices are approximately $16.9 trillion, covering equity and multi-asset class funds [8].