JakartaStocks fell 11.6% Friday, the worst day since 1998.

Index provider MSCI proposed demoting Indonesia to standalone status, alongside Argentina, Lebanon, Palestine, Ukraine and Zimbabwe.

Global funds tracking MSCI indexes would drop Indonesian stocks, potentially triggering billions of dollars in outflows.

MSCI says reforms, including a 15% minimum free float, have not stopped suspected coordinated trading.

MSCI takes feedback until the end of April 2027 and announces its decision by 30 June.

How each outlet framed it
The Diplomat leans critical
dates the drop to MSCI's 'suspected coordinated trading behavior' language and the April 2027 feedback deadline, not just the earlier January threat

Sources: The Diplomat