JAKARTA, Oct 21 — Indonesia’s president lashed out at MSCI today, accusing the index compiler of “trying to scare us” over its threat to downgrade the country’s stock market.
MSCI said last week it was “no longer appropriate” to classify Indonesia as an emerging market, citing investor concerns over shareholding structures and trading behaviour.
The benchmark Jakarta Composite Index (JCI) then plunged more than 11 per cent on Friday — its biggest single-day fall since 1998 — on fears of an exodus of foreign investment.
Addressing his cabinet today, Prabowo Subianto said: “We continue to be confronted by all kinds of things, MSCI, all sorts of things, trying to scare us.
