Market Vectors index update impacts Indonesian gold mining stocks

Market Vectors Index Solutions has completed an evaluation of the Global Gold Miners Index (GDX) and the Global Junior Gold Miners Index (GDXJ), with changes set to take effect on September 18, 2026. While no Indonesian companies were added or removed from the indices, the evaluation included revisions to free float factors for several Indonesian mining firms.

According to analysts at Stockbit Sekuritas, the adjusted free float factors are expected to influence capital inflows. PT Archi Indonesia Tbk (ARCI) saw its free float increase from 10% to 16%, PT Amman Mineral Internasional Tbk (AMMN) rose from 21% to 26%, and PT Bumi Resources Minerals Tbk (BRMS) increased from 51% to 60%. These increases may lead to higher index weightings and potential fund inflows for these companies.

Conversely, PT Merdeka Gold Resources Tbk (EMAS) saw its free float factor reduced from 37% to 31%, which may trigger outflows. The next constituent evaluation for GDX is scheduled for announcement on December 11, 2026, while the GDXJ review is expected around March 2027.