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Jakarta, May 29, 2026 — Global index provider MSCI has taken the unusual step of freezing all adjustments to GoTo Group’s inclusion in its global benchmarks after the Indonesian tech giant’s shares hit the minimum trading price of Rp50.
The move underscores mounting concerns over liquidity and raises the possibility of GoTo’s removal from MSCI indexes later this year.
MSCI’s Intervention
On May 26, MSCI announced that effective June 1, 2026, it would suspend changes to GoTo’s Number of Shares (NOS), Foreign Inclusion Factor (FIF), and Domestic Inclusion Factor (DIF).
The freeze applies across MSCI’s Global Standard Indexes Mid Cap and extends to factor, sustainability, climate, and thematic indexes.
The decision follows GoTo’s shares being locked at Rp50 since May 13, the lowest tradable price on the Indonesia Stock Exchange.
With sell orders piling up and no upward movement, MSCI warned that the lack of liquidity makes it difficult for institutional investors to replicate index performance.
Investor Implications
For now, GoTo remains in the Mid Cap category, but the freeze limits flexibility for fund managers who rely on MSCI indexes.
The company’s fate will be reassessed in August 2026, when MSCI conducts its next quarterly review. If liquidity remains inadequate, GoTo risks being delisted from MSCI indexes, a move that could further erode foreign investor confidence.
MSCI noted that exceptions to the freeze would only occur if required to comply with concentration rules in specialized indexes such as MSCI 10/40, 25/50, or 35/65.
GoTo’s struggles reflect broader challenges in Indonesia’s capital markets, where liquidity constraints often hinder investor participation.
The Rp50 price floor has effectively trapped shareholders, creating long queues of sell orders without buyers.
For global funds tracking MSCI benchmarks, the illiquidity poses a replication challenge.
If GoTo is eventually removed, it could trigger portfolio adjustments and reduce exposure to one of Indonesia’s most prominent tech firms.
The episode highlights the importance of liquidity in maintaining index membership.
While market capitalization often dominates headlines, MSCI’s freeze shows that trading activity and investor accessibility are equally critical.
For GoTo, the next three months will be decisive. A recovery in trading volume could secure its place in MSCI’s indexes, but continued stagnation at the Rp50 floor risks exclusion a blow that would reverberate across Indonesia’s tech sector and global investor sentiment.
