Indonesia Stock Market Crash: MSCI Warning Sends Stocks Down 11.57%
Indonesia's stock market recorded its steepest one-day decline since 1998 on Friday, October 16, after MSCI raised the possibility of removing the country from its Emerging Market classification. The announcement triggered a sharp sell-off in Jakarta, pushed the Indonesian rupiah beyond 18,000 per US dollar and raised concerns about further foreign capital outflows.