Saham Indonesia Dihapus MSCI, Analis Soroti Kualitas Likuiditas Pasar
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1.900 Karyawan PT GNI Kena PHK, Polisi Tingkatkan Patroli Awal Mula 7 Tentara AS Tewas Seusai Baku Hantam di Kapal USS Lincoln Harga Minyak Naik, Tumpahan Minyak di Oman Picu Kekhawatiran Pasokan Harga Emas Antam Naik Rp 20.000 Tembus Rp 2,7 Juta Per Gram Kebakaran Gunung Gede Pangrango Belum Padam, 4 Titik Asap Ditemukan Prabowo Resmikan Ekosistem Motor Listrik Nasional Hari Ini Sidang Pemakzulan Bupati Gowa Ricuh, DPRD: Momen Klarifikasi Lewat
1.900 Karyawan PT GNI Kena PHK, Polisi Tingkatkan Patroli Awal Mula 7 Tentara AS Tewas Seusai Baku Hantam di Kapal USS Lincoln Harga Minyak Naik, Tumpahan Minyak di Oman Picu Kekhawatiran Pasokan Harga Emas Antam Naik Rp 20.000 Tembus Rp 2,7 Juta Per Gram Kebakaran Gunung Gede Pangrango Belum Padam, 4 Titik Asap Ditemukan Prabowo Resmikan Ekosistem Motor Listrik Nasional Hari Ini Sidang Pemakzulan Bupati Gowa Ricuh, DPRD: Momen Klarifikasi Lewat
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Saham Indonesia Dihapus MSCI, Analis Soroti Kualitas Likuiditas Pasar
Kamis, 13 Agustus 2026 | 13:50 WIB
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Penulis: Akmalal Hamdhi | Editor: AD
Ilustrasi trader tengah mengamati perdagangan pasar saham. (Beritasatu.com/Ipot)
Jakarta, Beritasatu.com – Sejumlah saham Indonesia yang mengalami perubahan dalam indeks Morgan Stanley Capital International (MSCI) menjadi alarm terhadap kualitas likuiditas dan tingkat investability pasar modal Indonesia.
MSCI resmi mengumumkan hasil peninjauan indeks (index review) Agustus 2026. Dalam rebalancing kali ini, dua saham Indonesia dikeluarkan dari MSCI Global Standard Indexes, sementara sembilan saham lainnya terdepak dari MSCI Global Small Cap Indexes.
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Dua saham yang dikeluarkan dari MSCI Global Standard Indexes yakni PT Charoen Pokphand Indonesia Tbk (CPIN) dan PT GoTo Gojek Tokopedia Tbk (GOTO). Meski dikeluarkan dari MSCI Global Standard Indexes, CPIN masuk ke dalam MSCI Global Small Cap Indexes pada review yang sama.
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Sementara itu, sembilan saham Indonesia dikeluarkan dari MSCI Global Small Cap Indexes. Kesembilan saham tersebut adalah ARTO, BUKA, ESSA, FILM, HEAL, KPIG, RATU, SMGR, dan TCPI.
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Analis Pasar Modal sekaligus Founder Republik Investor Hendra Wardana mengatakan, keluarnya GOTO dari MSCI Global Standard Indexes dan turunnya CPIN ke MSCI Small Cap Indexes menunjukkan persoalan pasar modal Indonesia tidak lagi sekadar berkaitan dengan jumlah emiten maupun kapitalisasi pasar.
“GOTO terdepak dari MSCI Global Standard Indexes dan CPIN turun kelas ke MSCI Small Cap Indexes menjadi alarm keras bahwa persoalan pasar modal Indonesia bukan lagi sekadar soal jumlah emiten atau kapitalisasi pasar, tetapi sudah menyentuh kualitas likuiditas dan investability,” ungkap Hendra saat dihubungi, Kamis (13/8/2026).
Menurutnya, keputusan MSCI tentu didasarkan pada parameter yang harus dipenuhi oleh suatu saham agar tetap menarik bagi investor institusi global. Parameter tersebut antara lain mencakup ukuran kapitalisasi yang dapat diinvestasikan dan tingkat likuiditas saham.
Ketika saham tidak lagi memenuhi parameter tersebut, konsekuensinya dapat berupa penurunan kelas indeks hingga dikeluarkan dari indeks.
Hendra menilai kondisi tersebut menjadi lebih mengkhawatirkan karena terjadi ketika pasar modal Indonesia tengah berupaya meyakinkan investor global bahwa berbagai reformasi telah berjalan.
Di satu sisi, pemerintah dan regulator mendorong peningkatan free float, transparansi pemegang saham, penguatan tata kelola, serta berbagai reformasi pasar modal lainnya. Namun, di sisi lain, sejumlah saham Indonesia justru kehilangan tempat dalam indeks global yang menjadi salah satu rujukan investor institusi.
“Ini menunjukkan bahwa reformasi di atas kertas belum otomatis menghasilkan pasar yang lebih dalam dan lebih likuid,” ujarnya.
Kapitalisasi Besar Tak Menjamin Investability
Hendra menilai keluarnya GOTO dari MSCI Global Standard Indexes juga perlu dilihat lebih kritis. Pasalnya, GOTO merupakan salah satu perusahaan dengan kapitalisasi pasar besar dan memiliki posisi penting dalam ekosistem pasar modal Indonesia.
Namun, kapitalisasi pasar yang besar tidak secara otomatis menunjukkan tingkat investability yang kuat.
Menurut Hendra, bagi investor global, ukuran perusahaan bukan satu-satunya pertimbangan. Investor juga melihat seberapa besar saham yang benar-benar tersedia untuk publik serta seberapa mudah saham tersebut diperdagangkan dalam jumlah besar tanpa memberikan dampak signifikan terhadap harga.
Dengan demikian, persoalan likuiditas menunjukkan masih adanya kesenjangan antara ukuran pasar secara nominal dengan kualitas pasar yang benar-benar dapat diakses investor institusi.
“Jangan sampai kita terlalu sibuk mengejar jumlah emiten dan produk baru, tetapi justru kehilangan kualitas pasar. Karena bagi investor global, pasar yang besar belum tentu menarik. Pasar yang likuid, transparan, dalam dan investable-lah yang menjadi tujuan,” imbuhnya.
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Pada akhirnya, Hendra menilai keluarnya GOTO dari MSCI Global Standard Indexes harus menjadi wake-up call bagi pengembangan pasar modal Indonesia.
“Jangan hanya bangga ketika IHSG naik atau jumlah investor bertambah. Ukuran keberhasilan pasar modal yang sebenarnya adalah apakah investor besar dunia merasa nyaman menempatkan dan menarik dana dalam jumlah besar tanpa menghadapi persoalan likuiditas, transparansi dan tata kelola,” tutupnya.
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