Key facts
- Indonesian stocks fell over 11% on Friday, October 16, 2026.
- The drop was the largest in 28 years.
- MSCI is considering downgrading the MSCI Indonesia Index from emerging market to standalone market status.
Indonesian stocks experienced their largest single-day decline in 28 years on Friday, October 16, 2026, with the Jakarta Composite Index plummeting over 11%. The sell-off was triggered by MSCI's announcement that it is considering downgrading the MSCI Indonesia Index from emerging market to standalone market status. This potential downgrade represents a significant setback for Indonesia's efforts to maintain its emerging market classification amid mounting concerns over capital outflows.