Indonesian stocks fall 11.6% in historic crash

The Indonesian stock market is experiencing its biggest decline since 1998, following the announcement by MSCI of a plan to exclude Indonesia from its emerging market indices. This surprising decision came just a month before the scheduled review. As a result, the main index dropped by 11.57%, and the market lost over $350 billion in value, with the rupiah falling to its lowest level since July. This comes after Indonesia's upgrade from "emerging markets" to "standalone markets," which threatens to withdraw up to $19 billion in foreign investment and adds pressure to an economy already suffering from credit rating downgrades and accusations of stock manipulation. MSCI's decision raises questions about the transparency of the market and the government's efforts to push forward reforms, while the regulatory authorities are considering imposing fines on individuals and companies involved in market manipulation.

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