JAKARTA – Shares of PT Dian Swastika Sentosa Tbk. (DSSA) and PT Petrindo Jaya Kreasi Tbk. (CUAN) exhibited contrasting movements during today’s trading break on Wednesday, August 27, 2025, following their official inclusion as MSCI Global entities.
During the mid-day trading halt, shares of CUAN, owned by conglomerate Prajogo Pangestu, settled in the red zone, experiencing a 3.24% decline to Rp1,645. Conversely, DSSA shares, controlled by the prominent Sinar Mas Group, surged impressively by 3.42%, reaching Rp93,675 per share.
Both companies have captivated public and investor attention since the MSCI Index rebalancing was announced in early August. These two issuers are widely anticipated to be significant drivers of foreign capital inflow into Indonesia’s domestic stock market.
Indeed, yesterday’s trading session on August 26, 2025, recorded a substantial foreign net buy of Rp2.37 trillion. This significant inflow helped to mitigate the year-to-date foreign net sell, reducing it to Rp49.33 trillion, indicating a renewed interest from international investors.
Delving into specific company performance, PT Dian Swastika Sentosa Tbk. (DSSA) alone saw foreign investors net buying Rp133 billion in its last trading session. Not to be outdone, Prajogo Pangestu’s issuer, PT Petrindo Jaya Kreasi Tbk. (CUAN), also attracted considerable attention from overseas investors, registering a robust foreign net buy of Rp709 billion.
Adityo Nugroho, Senior Investment Information Team at Mirae Asset, commented on the broader implications, stating that the MSCI Index rebalancing will unlock greater opportunities for foreign funds to flow into the stock market. “The addition of DSSA and CUAN specifically enhances the exposure of our stocks to global investors. If the sector is supportive, the sector is positive, and the issuers are strong, it will certainly attract investment from abroad into these stocks,” Adityo remarked on Wednesday, August 27, 2025.
Examining the sectoral performance, the energy sector, which both DSSA and CUAN operate within, recorded the highest growth in the last trading session. It climbed 2.46% to a position of 3,120.60, a level that reflects a remarkable 16.04% growth since the beginning of the year, underscoring the sector’s robust momentum.
Adityo further elaborated that the movement of stocks with large market capitalizations has the potential to influence the IHSG (Jakarta Composite Index). Currently, CUAN’s market capitalization stands at Rp183.24 trillion, while DSSA boasts an even larger market capitalization of Rp716.22 trillion. “DSSA is substantial and can move the IHSG. This will undoubtedly have a positive impact on the IHSG if significant capital inflows materialize,” he emphasized.
Meanwhile, Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, offered a technical perspective, explaining that CUAN is currently trading within an ‘expanding diagonal’ area. He predicted that, for now, CUAN has the potential to move as high as Rp1,925. “Its nearest target price is in the range of Rp1,750, or potentially Rp1,795. So, this could be considered for an ‘add’ or ‘maintain buy’ position for CUAN,” Nafan suggested.
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Previously, Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas, acknowledged that the MSCI rebalancing sentiment indeed drives foreign inflow and increases market visibility. However, she cautioned that global investors continue to scrutinize stock valuations, which have already seen significant increases over the past one to three months.
Liza further explained that, in addition to rebalancing, factors such as reratings from global rating agencies and domestic sentiment also contribute to the influx of foreign funds. She believes that the inclusion of DSSA and CUAN into the MSCI Index has the potential to trigger substantial capital flows from global passive funds that replicate the index.
“Based on historical precedents, stocks that enter the MSCI Global Standard Index typically experience an increase in trading volume and price during the one to two weeks leading up to the effective date, driven by ‘front-running’ actions from both retail and active funds,” Liza concluded, highlighting a common pattern in such events.
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Summary
PT Dian Swastika Sentosa Tbk. (DSSA) and PT Petrindo Jaya Kreasi Tbk. (CUAN) have been officially included as MSCI Global entities following the MSCI Index rebalancing in early August. This development is widely expected to significantly boost foreign capital inflow into Indonesia’s domestic stock market. Both companies attracted substantial foreign net buys, contributing to a significant overall foreign net buy of Rp2.37 trillion in the market on August 26, 2025.
Experts affirm that their MSCI inclusion enhances global investor exposure, especially since both operate within the high-growth energy sector. With their substantial market capitalizations, DSSA and CUAN have the potential to positively influence the Jakarta Composite Index (IHSG) through increased capital flows. However, analysts also note that global investors will continue to scrutinize stock valuations, which have already seen considerable increases.