The CEO of the Indonesia Stock Exchange (IDX), Iman Rachman, resigned on Friday, underscoring deepening investor anxiety after a sudden market plunge wiped out about $80 billion in equity value this week.
Rachman’s exit is framed as a personal act of accountability for the “recent market condition.” At a press conference, the executive said he hoped his decision would lead to improvements in the capital market.
What Triggered The Sell-Off?
Rachman’s resignation came in the wake of a sharp sell-off on the Jakarta Composite Index (JCI) that saw the benchmark index fall more than 8% over two sessions — its biggest multi-day drop in months — and triggered automatic trading halts on Wednesday and Thursday.
That rout was sparked by a surprise warning from MSCI Inc., the influential global index compiler, which flagged “investability” and transparency concerns in Indonesian equities.
“Investors highlighted that fundamental investability issues persist …Full story available on Benzinga.com
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