KONTAN.CO.ID - May 13. MSCI removed six Indonesian companies from the domestic global standard index following its quarterly review announced on Tuesday, while another 13 companies were taken off the small cap index.

The six removed from the global standard index were Amman Mineral International, Chandra Asri Pacific, Dian Swastatika Sentosa, Barito Renewables Energy , Petrindo Jaya Kreasi and Sumber Alfaria Trijaya.

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Of the six, Sumber Alfaria Trijaya was moved to the MSCI Indonesia small cap index.

Indonesian business magnate Prajogo Pangestu has controlling stakes in Chandra Asri, Barito Renewables and Petrindo Jaya Kreasi.

Dian Swastatika Sentosa is part of the Sinar Mas Group, one of the country's largest conglomerates owned by the billionaire Widjaja family.

The move could drive forced selling from passive index-tracking funds once the rebalancing comes into effect on May 29.

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MSCI said last month it will extend its review of Indonesia's stock market by a month to June to assess reforms announced by the Southeast Asian nation, after a warning in January triggered a market rout and foreign investor exodus.

The index provider also said previously it would continue to freeze increases to foreign inclusion factors and the number of shares for Indonesian securities. It will also refrain from adding Indonesian stocks to its investable market indexes or allowing any upward migration across size segments.