JCI Plunges 11.57% Amid MSCI Threat

The Jakarta Composite Index (JCI) suffered a sharp fall on Friday (16 October 2026), closing down 678.67 points, or 11.57%, at 5,185 amid scrutiny of Morgan Stanley Capital International’s (MSCI) plan to downgrade the status of Indonesia’s capital market.

At the start of trading that morning, the JCI had already plunged to 5,393.

According to RTI data, trading value reached Rp 31.92 trillion. A total of 68.56 billion shares changed hands in 2,133,155 transactions. In all, 775 shares rose, 10 fell and 10 were unchanged.

For the week, the JCI fell 14.91%, while its monthly decline was 19.50%. Over the past six months it lost 25.82%, and it was down 40.04% year to date.

The pressure on the JCI followed MSCI’s announcement that it was considering downgrading Indonesia’s capital market from Emerging Market to Standalone Market. The move relates to ongoing concerns about investment accessibility and governance in Indonesia’s equity market.

The proposed downgrade is still being consulted on with market participants. A final decision is due no later than 30 June 2027.

In response, the Indonesia Stock Exchange (IDX) stressed that Standalone Market is not the lowest classification in MSCI’s system.

IDX Development Director Iding Pardi said the exchange was monitoring all the issues raised by MSCI. He explained that Standalone Market is a special category for capital markets requiring closer attention.

“People should understand that MSCI’s Standalone Market classification is not the lowest classification. It is a special classification for a market that needs particular attention. It does not mean the lowest tier, and the classifications are not simply Advanced, then Emerging, then Frontier, then Standalone. It is not like that,” Iding said at the IDX building in South Jakarta on Friday (16 October 2026).