The Indonesia Stock Exchange announced on Monday that it would remove a large number of companies with highly concentrated equity from its flagship index. This move aims to prevent MSCI from downgrading it from the emerging markets index or even reclassifying it as a "standalone market," which typically applies to markets with severely deteriorated accessibility or liquidity. The combined market capitalization weight of the expelled companies accounts for approximately 18% of the Jakarta Composite Index (JCI). Previously, MSCI had warned of a possible reclassification of Indonesia as a "standalone market," causing the Jakarta Composite Index to plunge 11.6% last Friday and further decline 3.6% on Monday. Analysts warn that these reform measures may not be sufficient to fully address MSCI's concerns, while the Indonesian stock market has fallen by over 40% year-to-date, with net foreign outflows approaching $5 billion.