MSCI拟将印尼从新兴市场降级为独立市场，雅加达综指暴跌11.5%创28年最大跌幅

JAKARTA/TOKYO -- Indonesian stocks plummeted on Friday after global financial services company MSCI announced that it is considering downgrading the MSCI Indonesia Index from emerging market to standalone market status, a major setback amid recent efforts by Indonesia to maintain its emerging market status.
The Jakarta Composite Index (JCI) fell sharply after MSCI's announcement. The Indonesia Stock Exchange's benchmark closed down 11.5%, or 678.675 points, at 5,185.105, marking the largest points drop in 28 years, according to Reuters.
Maybe this for para 2: The Jakarta Composite Index (JCI) fell sharply after MSCI's announcement. The Indonesia Stock Exchange's benchmark closed down 11.5%, or 678.675 points, at 5,185.105, marking its largest point drop in 28 years, according to Reuters.
"MSCI considers Indonesia's continued classification as an Emerging Market no longer appropriate and is launching a consultation on a proposal to reclassify Indonesia as a Standalone Market," the New York-based index provider said in a statement published on Oct. 15.
Standalone status means that a country does not meet the standards required for inclusion in any of MSCI's three main market tiers -- developed, emerging or frontier. Only a small number of countries, including Argentina, belong to the standalone category. There are also countries such as Iran and Iraq that are not covered by MSCI indexes.
The Jakarta Composite Index (JCI) opened sharply lower after MSCI's announcement, with the Indonesia Stock Exchange's benchmark at 5,393.92, down 469.86 points, or 8.01%, from yesterday's close. After a temporary trading halt by the exchange, JCI fell 11.4% at one point.
The rupiah also fell 0.7% soon after the announcement, hitting 18,047 per dollar, close to its all-time low of around 18,220 set in June.
Year-to-date, the rupiah is down 7% against the dollar. In addition to fears of capital outflows in response to a possible reclassification, the currency has also suffered from fiscal concerns about Indonesia, whose finances have been weighed down by the cost of subsidizing diesel and gasoline amid high energy prices sparked by the U.S. war with Iran.
The move contrasts with a recent decision by rival index provider FTSE Russell to reaffirm Indonesia's emerging market status.
MSCI warned earlier this year of a potential reclassification, citing concerns over investability, sparking a stock market sell-off and prompting a series of efforts by Jakarta to increase market transparency and liquidity and address irregular trading activity.
The U.S. index provider said in June that unless sufficient progress was made by November, it would consider launching a consultation on reclassifying the Indonesian market. The launch of the consultation showed that the company is not only following through on its warning but is considering going even further.
"A reclassification to Frontier Markets would not properly recognize the depth of the market problems," MSCI said.
"MSCI expects to proceed with the proposed reclassification unless the consultation identifies clear evidence of material improvements in market governance and functioning to warrant reconsideration," it added.
The reform measures announced by Indonesian authorities include enhanced disclosure of shareholders with ownership above 1% and a road map toward a minimum free-float requirement of 15%.
MSCI maintained, however, that it needs to see "consistent implementation and evidence of sustained material impact from these announcements."
"If implemented, Indonesia would be removed from the MSCI Emerging Markets Index, potentially triggering around $3 billion in passive foreign fund outflows," Wilbert Arifin, an equity research analyst at Mirae Asset Sekuritas Indonesia, wrote in a report. "Major banks and companies with high foreign ownership would face the greatest risk."
Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik stated that the exchange respects MSCI's independence in conducting assessments and determining market classifications based on its own methodology.
"However, considering the various progress and reform measures that have been taken, the IDX will seek further clarification from MSCI regarding the basis for the considerations and assessments behind this announcement," he told Nikkei Asia.
"We also need to emphasize that MSCI's announcement is still part of the consultation process, with input being accepted until April 30, 2027, and is not a final decision" Hendrik added.
Iding Pardi, director of development at the IDX, said at a news conference that the exchange would seek clarification from MSCI regarding its latest announcement. "The proposal or consultation has been opened, but no decision has been made yet, as the consultation will run through April 2027, with a final decision expected in June 2027," he said.
"With the time available, we will make every effort to address the shortcomings identified by some global investors regarding the information we have provided," Pardi continued.
Airlangga Hartarto, the coordinating minister for economic affairs, told reporters: "What they are asking for, of course, is the implementation of commitments that have already been made. In terms of implementing regulations governing actions in the capital market, they feel the process is taking somewhat too long."
Hartarto added, "This is a lesson for us going forward: Reforms must be implemented, and progress must be visible, particularly to domestic and foreign investors."
Dipo Satria Ramli, an economist at the Center of Reform on Economics (CORE) Indonesia, said the structural problems in Indonesia's stock market had become chronic, citing thin liquidity, low free float, valuations that do not reflect fundamentals and the dominance of speculative players.
He said the IDX had made significant progress in reforms, particularly in improving information disclosure and corporate governance. However, these measures had yet to address the market's underlying liquidity problems, making it difficult for investors to determine the fundamental value of stocks.
"I think the IDX has done as much as it can," he said. "But greater transparency has also revealed the extent of the liquidity problem."