MSCI will delete GoTo Gojek Tokopedia from its Indonesia index after the close on August 31, extending pressure on an Indonesian tech stock that has lost nearly 90% of its market value since listing. The latest quarterly review also removed Singapore's Sembcorp Industries, the Philippines' Ayala Land and Indonesia's Charoen Pokphand Indonesia from MSCI's Global Standard Indexes, while adding no Southeast Asian companies to the regional standard benchmarks. GoTo, whose shares have been stuck at 50 rupiah, the Indonesia Stock Exchange's minimum price, since mid-May, will be removed entirely from MSCI's global index universe rather than shifted into a small-cap index. Sembcorp Industries, Ayala Land and Charoen Pokphand Indonesia will remain in MSCI's framework as small-cap constituents. GoTo's market capitalization has fallen to about $3.2 billion from roughly $29 billion at its 2022 peak, while Sembcorp Industries was valued at about $7.8 billion and Ayala Land at about $3.6 billion as of Thursday. The review also removed nine Indonesian companies from MSCI's Global Small Cap Indexes, underscoring the broader impact on Indonesia's equity market. MSCI indexes are widely tracked by institutional investors and passive funds, so constituent changes can trigger portfolio rebalancing and affect demand for the affected stocks. The absence of any Southeast Asian additions contrasted with stronger representation from Taiwan, India and China in the same review.