Indonesian Stocks Slide to Six-Year Low as MSCI 'Standalone' Warning Weighs - Markets
10 Articles
10 Articles
Indonesian stocks slide to six-year low as MSCI 'standalone' warning weighs - Markets
Jakarta's benchmark stocks fell over 5 percent in early trading on Monday after plunging 11.6 percent on Friday, as the world's worst performers reeled from index provider MSCI saying it was considering shifting Indonesia to "standalone" status from its current "emerging markets" mantle.
The Jakarta Composite Index (JCI) plunged 11.57 percent after MSCI proposed changing Indonesia's market status. Said Abdullah questioned MSCI's assessment.
The JCI plunged another 5.10% to 4,920. The 5,000 level was breached amid market panic due to pressure from the MSCI and the weakening rupiah.
In the US, the Nasdaq's 4.5% loss last week weighed on technology stocks in Asia, with sell-offs deepening in Indonesia. Growth data from China limited losses, and US futures indices rose. In Europe, the risk in France came to the forefront.
Indonesian stock exchange declines more than 5% and reaches a lower level in six years after MSCI proposes reclassification of the country; Goldman sees risk of exits
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