News
Indonesia Stock Market Crashes
Indonesia’s benchmark Jakarta Composite Index (JCI/JKSE) fell more than 11% on October 16, 2026, after global index provider MSCI Inc. issued a downgrade warning. The sharp sell-off raised concerns about foreign capital outflows and further pressure on the Indonesian rupiah (IDR). The JCI plunged more than 11%, with intraday losses reaching as high as 11.57%, losing 678 points to close at 5,185. Major banking stocks also fell sharply, and the IDR weakened to 18,070 per US dollar, approaching its all-time low of 18,190. The main driver was MSCI's downgrade warning, which initiated formal consultations for reclassifying Indonesia to standalone market status.