Indonesian stock exchange CEO resigns after $84 billion market wipe out
Published Fri, Jan 30 2026
12:21 AM EST
Updated 4 Min Ago
Lim Hui Jie@in/hui-jie-lim-a7371176/WATCH LIVEKey Points
- The Indonesian Stock Exchange said CEO Iman Rachman resigned to take responsibility for "recent market condition."
- The Jakarta Composite fell 7.35% on Wednesday and another 1.06% on Thursday, before rallying 1.18% on Friday.
- The rout was triggered by an announcement on Tuesday by index provider MSCI, warning of a potential downgrade of the country to frontier-market status.
Iman Rachman, chief executive officer of the Indonesia Stock Exchange (IDX), speaks to members of the media in Jakarta, Indonesia, on Friday, Jan 30, 2026. Rachman said he will step down following a two-day market rout sparked by MSCI Inc.'s warning of a possible downgrade.
Bloomberg | Bloomberg | Getty Images
Indonesian stock exchange CEOÂ Iman Rachman resigned on Friday, following a rout that saw the country's share market lose $84 billion over the past two days on concerns over a possible downgrade by index provider MSCI.
In a release, the Indonesian Stock Exchange said Rachman had stepped down, taking responsibility for "recent market condition," without elaborating.
At a press conference Rachman said that "I hope this is the best decision for the capital market. May my resignation lead to improvements in our capital market," according to Reuters.
"Hopefully, the index, which opened positively this morning, will continue to improve in the coming days," he added.
MSCI on Tuesday warned of a potential downgrade of the country to "frontier" market status, from emerging market by MSCI, highlighting concerns over trading transparency.
"Investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation," MSCI said late Tuesday.
The Jakarta Composite rose 1.18% on Friday, after losing 7.35% on Wednesday and another 1.06% on Thursday.
The IDX on Wednesday had released a statement saying that it recognised the feedback by MSCI, and reaffirmed its commitment to increase the weighting of Indonesian equities in the MSCI indexes.
"This commitment is pursued through continued enhancements in market data transparency, including the provision of more accurate and reliable information," it said.