MSCI Removes Stocks Linked to Indonesia’s Richest From Indexes

MSCI Inc. cut some Indonesian stocks linked to the country’s richest billionaires from its indexes, following through on a warning last month that it will exclude companies with concentrated ownership. The shares fell.

The index compiler on Wednesday dropped PT Barito Renewables Energy and PT Dian Swastatika Sentosa in its quarterly review after the Indonesia Stock Exchange in April named them among a clutch of firms that are tightly held by small groups of investors.