The global index provider, Morgan Stanley Capital International (MSCI), has cast a spotlight on the liquidity of shares in PT GoTo Gojek Tokopedia Tbk (GOTO), announcing a freeze on any rebalancing adjustments for the prominent Indonesian tech company.
This significant move comes as GOTO’s stock has consistently traded at the Rp 50 per share level since its closing on May 13, 2026. In an announcement issued on Tuesday, May 26, 2026, MSCI stated, “MSCI will freeze any changes to the Number of Shares (NOS), Foreign Inclusion Factor (FIF), Domestic Inclusion Factor (DIF), restriction factors, as well as additions and deletions for this security in the MSCI Indices as part of the May index review.”
The impact of this freeze extends beyond the Global Investable Market Index, also encompassing non-market capitalization-based indices such as the MSCI Factor Index, Sustainability & Climate Index, Thematic Index, and Capped Index. MSCI confirmed it would conduct a further review of GOTO shares during its August 2026 index review cycle.
While GoTo currently remains part of the MSCI Global Standard Index, its position is precarious. The tech giant faces potential removal if it fails to meet the required criteria. “MSCI will further review the liquidity of this security, in accordance with the MSCI Global Investable Market methodology as part of the August 2026 review, and will remove PT GoTo Gojek Tokopedia Tbk if it fails to meet the relevant liquidity requirements at that time,” MSCI explicitly stated.
The market’s concern is palpable, with GOTO’s share price still anchored at Rp 50 at the close of trading on Friday, May 29, 2026. The online ride-hailing and e-commerce firm’s stock has experienced a significant decline, plummeting 27.54 percent year-to-date through May 29, 2026.
In response to its challenged share performance and the looming MSCI review, GOTO has unveiled plans for a substantial share buyback program, valuing up to Rp 3.5 trillion. The company intends to formally propose this buyback during an Extraordinary General Meeting of Shareholders (EGM) scheduled for June 18, 2026.
GOTO management articulated that this share repurchase aims to provide the company with crucial flexibility in capital management, ultimately optimizing its capital structure. In a disclosure statement issued on Friday, May 22, 2026, management expressed hope that “through the share buyback, the company’s share price performance can reflect the true fundamental value of the company.”
Summary
MSCI has frozen rebalancing adjustments for PT GoTo Gojek Tokopedia Tbk (GOTO) shares across its indices, citing liquidity concerns. This decision was made because GOTO’s stock has consistently traded at Rp 50 per share since May 13, 2026. MSCI will conduct a further review in August 2026, where GOTO faces potential removal if it fails to meet liquidity requirements.
GOTO’s share price remains anchored at Rp 50, reflecting a significant year-to-date decline of 27.54 percent. In response to these challenges and the upcoming MSCI review, GOTO plans a share buyback program worth up to Rp 3.5 trillion. The company intends to propose this at an Extraordinary General Meeting on June 18, 2026, aiming to optimize capital management and reflect its true fundamental value.