Jakarta's main stock index fell 11.6% on Friday, its worst day since 1998, after MSCI opened a consultation on demoting Indonesia to standalone status over opaque ownership. Turkey got a similar warning the same week.
Jakarta's IHSG dropped 11.57% to 5,185 on 16 October, the worst session since the 1998 Asian crisis, after MSCI proposed stripping Indonesia of emerging-market status. Source
The Jakarta Composite Index (JCI) closed Friday down 11.6% at 5,185.11, its steepest one-day fall since January 1998, by press accounts. Inflation had nothing to do with it. September CPI was 3.28%, inside Bank Indonesia's (BI) 1.5% to 3.5% target, and the seven-day reverse repo rate sits at 5.75%. The trigger was index provider MSCI, which said Indonesia no longer fits an emerging-market classification. It opened a consultation, running to 30 April 2027, on moving Indonesia to standalone status, citing opaque ownership and suspected coordinated trading. The rupiah fell to 18,070 per dollar.
