The Jakarta Composite Index fell as much as 11.4 percent Friday and closed down 11.57 percent at 5,185. It opened 8 percent lower and triggered a 30-minute trading halt. The move is the steepest one-day drop since January 1998. MSCI said Thursday that Indonesia’s emerging-market status is no longer appropriate and opened a consultation on reclassifying it as a standalone market, which would remove it from MSCI indexes tracked by trillions of dollars. The index has lost nearly 40 percent this year. Major banks including Bank Central Asia, Bank Rakyat Indonesia and Bank Mandiri each fell near 15 percent. The rupiah weakened to 18,070 per dollar, its lowest since early August.
BREAKING: Indonesia’s stock market is collapsing 📉 pic.twitter.com/JjIu7f2y12
— NoLimit (@NoLimitGains) October 16, 2026
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