Global index provider FTSE Russell has announced the removal of PT Dian Swastatika Sentosa Tbk (DSSA) from its FTSE Global Equity Index Series for the Indonesian market. This significant change was detailed in the June 2026 Quarterly Review, which was publicly released on Saturday, May 23rd.
The adjustments to the index are slated to become effective on June 22, 2026, following the close of trading on June 19. Notably, the FTSE announcement did not introduce any new Indonesian issuers across its various categories, encompassing large-cap, mid-cap, small-cap, or micro-cap segments.
Specifically within the Indonesian large-cap group, PT Dian Swastatika Sentosa Tbk (DSSA) was delisted. The global index provider cited a highly concentrated ownership structure within certain shareholder groups, categorizing it as having “high shareholding concentration” (HSC). This concentration was deemed to not meet the stipulated requirements for inclusion.
“Did not meet the requirements due to an excessively high level of shareholding concentration,” FTSE stated explicitly in its June 2026 quarterly review document, underscoring the strict adherence to its criteria.
The exclusion of DSSA, a prominent entity within the Sinar Mas conglomerate, from the global FTSE index carries the potential to trigger significant portfolio adjustments. Numerous institutional investors and fund managers, who rely on FTSE indices as investment benchmarks—including various index-based passive funds—may be compelled to rebalance their holdings. Beyond DSSA, FTSE also proceeded to remove three other Indonesian issuers from the micro-cap segment during this review cycle.
The first micro-cap delisting involved PT Daaz Bara Lestari Tbk (DAAZ). Its removal was attributed to the failure to meet the minimum free float requirement for publicly traded shares. DAAZ operates in the mining sector and is currently participating in the Danantara Waste-to-Energy (WtE) project auction.
Secondly, PT Hillcon Tbk (HILL) was ejected from the micro-cap index after being placed under “surveillance stocks screen,” indicating concerns over unusual trading activities. Similarly, the third removal saw PT Mulia Industrindo Tbk (MLIA) delisted for comparable reasons pertaining to the monitoring of its trading patterns.
Conversely, there were no alterations made to the Indonesian mid-cap and small-cap categories in this latest review. The decisions made by FTSE Russell are closely watched by market participants, as shifts in global index composition typically influence foreign fund flows, particularly affecting stocks that constitute part of global ETF and index fund portfolios.
FTSE has indicated that the preliminary list from the June 2026 quarterly review remains subject to revision until the close of trading on June 5, 2026. Following this date, the final index composition will be confirmed on June 8, with the changes becoming fully effective on June 22, 2026.
Summary
FTSE Russell has announced the removal of PT Dian Swastatika Sentosa Tbk (DSSA) from its Global Equity Index Series, effective June 22, 2026. The decision was driven by an excessively high shareholding concentration that failed to meet the provider’s strict eligibility requirements. This exclusion may prompt significant rebalancing from institutional investors and passive funds that utilize FTSE indices as primary benchmarks.
In addition to the large-cap adjustment, FTSE removed PT Daaz Bara Lestari Tbk (DAAZ), PT Hillcon Tbk (HILL), and PT Mulia Industrindo Tbk (MLIA) from its micro-cap index. DAAZ was delisted due to insufficient free float shares, while HILL and MLIA were removed following concerns regarding unusual trading activities. No new Indonesian companies were added to the index, and the final composition will be confirmed on June 8, 2026.
