Indonesian stocks tumble on MSCI downgrade warning

10am Hong Kong Indonesian stocks tumble on MSCI downgrade warning INDONESIA OPENS IN 10 SECS MARKET CHECK SGX FTSE INDONESI OCT26 1,915.00 212.00 9.97% We woke up to the news here that MSCI 10pm New York David Ingles Bloomberg News basically said Indonesia no longer deserves or at least the emerging market status is "no longer appropriate," to be more specific on Indonesia. Market Open Stephen Engle Bloomberg News INDONESIAN MARKETS IN FOCUS Intraday JCI - INDONESIA 5,393.92 469.86 8.01% Investors are reacting negatively, significantly negatively. Yeah, I mean, investors will need to understand and reprice how much passive outflows will likely be the case, if in fact we do head in that direction I think. And we're down 8% in the early goings. We're looking at the big banks, as you can see, are down, substantially down about 15%. My count, given that there is a circuit breaker in place, 600 stocks down, 300 unchanged or yet to trade. 14 are trading to the upside. BREAKING NEWS Things have resumed trading in Jakarta. 10:30am Hong Kong INDONESIAN MARKETS IN FOCUS Intraday JCI - INDONESIA 5,201.26 662.52 11.30% We were down 8%, gapped lower. We have resumed trade a further three and a half points. 10:30pm New York So at 5,200. Indonesian stocks have now dropped to the lowest level in six years. Last time we saw these levels was back in 2020. So we have taken out the low earlier this year, and at the moment I would imagine this now takes losses for the year here on this market to 40% on the benchmark itself. We're now down 40%. 39.8% okay. World's worst performing market by an extremely wide margin, Steve.