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Indonesia's stock market plunged 11% on Friday, triggering a circuit breaker, after MSCI considered removing it from its global equity indices.
MSCI stated that Indonesia is no longer suitable for classification as an emerging market, which could lead to its exclusion from global equity indices. Following this news, Indonesia's benchmark stock index plunged by as much as 11% intraday on Friday, triggering a circuit breaker and halting trading for 30 minutes. The Indonesian Rupiah also edged lower. Bank Indonesia subsequently announced that it would continue to intervene in offshore and onshore foreign exchange markets to stabilize the exchange rate. Indonesia's 10-year government bond yield rose by 10 basis points, reaching a two-month high.
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