{
  "id": 15887422,
  "title": "Indonesia’s Prabowo: MSCI is ‘trying to scare us’ over market downgrade warning",
  "url": "https://urgent.news/2026/10/21/indonesias-prabowo-msci-is-trying-to-scare-us-over-market-downgrade",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-21T11:57:10.000Z",
  "source": {
    "name": "Malay Mail",
    "slug": "malay-mail-malaymail",
    "url": "https://www.malaymail.com/news/money/2026/10/21/indonesias-prabowo-msci-is-trying-to-scare-us-over-market-downgrade-warning/240085"
  },
  "original_language": "en",
  "account": "JAKARTA, Oct 21 — Indonesian President Prabowo Subianto expressed his anger towards MSCI, accusing the index provider of attempting to intimidate the country over its warning of a potential market downgrade. MSCI revealed last week that it believed it was no longer suitable to label Indonesia as an emerging market, citing worries over equity ownership structures and trading practices. Following this, the Jakarta Composite Index (JCI) plummeted over 11 percent in a single day, the steepest decline since 1998, due to fears of foreign investment fleeing the country. Speaking to his cabinet, Prabowo stated, \"We are still facing a plethora of issues, MSCI, a myriad of issues, attempting to frighten us.\" He emphasized, \"I say this to MSCI: the Indonesian nation is not afraid of anyone and will remain unafraid.\" Over the past week, the JCI has fallen to its lowest point since late 2020, dropping more than 40 percent year to date, placing it among the world's worst-performing indexes. MSCI has pointed to investor apprehension over \"persistent lack of clarity in share ownership structures\" and coordinated trading behavior influencing price data as reasons for their concern. The organization is contemplating a reclassification of Indonesia as an isolated market, which could force investment funds following MSCI's emerging market indexes to sell Indonesian stocks. Indonesia Stock Exchange (IDX) director Jeffrey Hendrik announced on Monday that steps will be taken to enhance market transparency, such as providing more information on minor shareholders publicly and eliminating \"all shares with substantial shareholding concentration from the composite stock price index\" to present a more accurate picture of JCI movements. Indonesia's economy has been severely impacted by soaring fuel prices due to the Middle East conflict. As a net oil importer, the nation struggles to maintain unchanged heavily subsidized fuel prices despite high costs. This, along with rising food and commodity prices within the target range, has led to protests and Prabowo's current low ratings. The Indonesian leader declared, \"We face numerous difficulties and disruptions,\" asserting that \"we are not afraid. We possess strength, courage, and are prepared to make sacrifices.\" He concluded, \"If necessary, we will undertake extensive saving and become even more frugal in the future.\" The nation's central bank maintained its key lending rate at 5.75 percent today, following three increases this year.",
  "summary": "JAKARTA, Oct 21 — Indonesia’s president lashed out at MSCI today, accusing the index compiler of “tryi...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}