MSCI启动将印尼降级为「独立市场」咨询 雅加达股市盘中重挫逾一成
雅加达——指数编制机构MSCI于10月15日宣布，就拟将印尼由新兴市场重新分类为「独立市场」（Standalone Market）展开咨询。10月16日（周五），雅加达综合指数开盘即下跌8%，触发熔断、暂停交易30分钟；复牌后跌幅进一步扩大。据路透社报道，截至雅加达时间上午9时33分，指数下跌11.21%，创下自1998年1月以来的最大单日跌幅，点位降至2020年以来最低；该指数年内累计跌幅已达约39.79%，为亚洲地区表现最差的市场。印尼盾同步走弱，跌至1美元兑约18,070印尼盾，为8月初以来最低，逼近18,190印尼盾的历史低点。
MSCI在声明中表示，市场参与者向其反馈，迄今未见印尼股市出现持续、充分的改善；市场失灵方面的重大担忧依然存在，包括持续被怀疑的协同交易行为，以及缺乏有意义的执法证据。MSCI称，印尼继续保留新兴市场分类已不再合适；即使降级为前沿市场，也不足以反映其市场问题的深度。若最终实施，印尼股票将被移出MSCI新兴市场指数等主要指数，跟踪这些指数的被动型基金将不得不卖出所持印尼股票；印尼也将成为亚太地区首个被列为「独立市场」的经济体——目前获此分类的包括阿根廷、黎巴嫩和巴勒斯坦，亚洲尚无一例。
时间表方面，MSCI此次咨询的意见反馈期至2027年4月30日，最终决定将于2027年6月30日之前公布。MSCI今年1月已先行冻结印尼股票在其指数中的正向调整，并警告印尼可能被降级至前沿市场。
印尼证券交易所总裁董事杰弗里·亨德里克（Jeffrey Hendrik）16日发表书面声明称，交易所与印尼金融服务管理局（OJK）已采取多项具体措施，提升市场透明度、诚信与质量，相关改革努力已获得全球投资者与国际指数机构的积极回应；考虑到已经实施的改革，交易所将向MSCI寻求进一步澄清其公告背后的依据与评估标准。声明同时表示，交易所尊重MSCI依据其方法论作出评估的独立性，并强调此次公告仍属咨询程序、并非最终决定；交易所将继续与OJK及各相关方协调，确保证券交易有序、公平、高效。据路透社报道，OJK与印尼财政部未即时回应置评请求，印尼央行方面亦未见公开干预表态。
这轮跌势是印尼股市今年动荡的延续。今年1月28日，MSCI冻结印尼股票的正向指数调整并发出降级警告后，雅加达股市连续两日暴跌，市值蒸发约800亿美元，印尼证券交易所负责人与OJK两名高层官员随后在数日内辞职。当局此后推出改革方案，包括要求持股超过1%的股东披露持股、将上市公司最低自由流通比例由7.5%逐步提高至15%的路线图，并于4月宣布改革已经完成。今年6月，MSCI又将印尼的「信息流通」评级下调为负面。据MSCI咨询文件披露，MSCI印尼指数的总市值自2026年初以来已缩水约55%，其在MSCI新兴市场指数中的权重由1.16%降至0.43%。外资今年持续流出印尼股市，上半年净卖出约39亿美元；穆迪与惠誉两家评级机构已先后将印尼主权信用评级展望下调为负面。
发稿时雅加达股市尚未收盘（收盘时间为雅加达时间15时30分），以上跌幅为盘中数据，GSM将继续跟进收盘情况。
Jakarta Stocks Plunge Over 11% Intraday as MSCI Opens Consultation on Downgrading Indonesia to Standalone Market
JAKARTA — Index provider MSCI announced on Oct. 15 that it has launched a consultation on a proposal to reclassify Indonesia from an emerging market to a standalone market. On Friday, Oct. 16, Jakarta's benchmark Composite Index plunged 8% at the open, triggering a circuit breaker that halted trading for 30 minutes; losses deepened after trading resumed. According to Reuters, as of 9:33 a.m. Jakarta time the index was down 11.21%, its steepest one-day drop since January 1998, with the index at its lowest level since 2020. The index has now fallen about 39.79% this year, making it the worst-performing market in Asia. The rupiah weakened to around 18,070 per U.S. dollar, its lowest since early August and close to its lifetime low of 18,190.
In its statement, MSCI said market participants had indicated that, to date, sufficient progress has not been observed consistently across the Indonesian equity market, and that significant concerns remain around market dysfunction, including continued suspected coordinated trading behavior and a lack of evidence of meaningful enforcement. MSCI said Indonesia's continued classification as an emerging market is no longer appropriate, and that even a reclassification to frontier market status would not properly recognize the depth of the market's problems. If implemented, Indonesian stocks would be removed from major benchmarks such as the MSCI Emerging Markets Index, forcing passive funds that track those indexes to sell their Indonesian holdings. Indonesia would also become the first Asia-Pacific economy classified as a standalone market; current standalone markets include Argentina, Lebanon and Palestine, with none in Asia.
On timing, MSCI's consultation accepts feedback through April 30, 2027, and a final decision will be announced by June 30, 2027. In January this year, MSCI had already frozen positive index adjustments for Indonesian stocks and warned the country could be downgraded to frontier market status.
Jeffrey Hendrik, president director of the Indonesia Stock Exchange (IDX), said in a written statement on Friday that the exchange and the Financial Services Authority (OJK) had taken various concrete steps to improve the transparency, integrity and quality of Indonesia's capital market, and that the reform efforts had received positive responses from global investors and international index providers. Given the reforms implemented, the exchange will seek further clarification from MSCI on the rationale and assessments underlying the announcement, he said. The statement added that the IDX respects MSCI's independence in making assessments under its own methodology, emphasized that the announcement remains a consultation rather than a final decision, and said the exchange will continue coordinating with the OJK and other stakeholders to ensure trading remains orderly, fair and efficient. According to Reuters, the OJK and Indonesia's finance ministry did not immediately respond to requests for comment, and no public intervention statement from Bank Indonesia was reported.
Friday's selloff extends a year of turmoil for Indonesian equities. After MSCI froze positive index adjustments and issued its downgrade warning on Jan. 28, Jakarta stocks tumbled over two sessions, wiping out roughly $80 billion in market value, and the head of the stock exchange and two top OJK officials resigned within days. Authorities then rolled out reforms, including disclosure requirements for shareholders holding more than 1% and a roadmap to raise the minimum free float for listed companies from 7.5% to 15%, announcing in April that the reforms were complete. In June, MSCI lowered Indonesia's information-flow criterion to negative. According to MSCI's consultation document, the total market capitalization of the MSCI Indonesia Index has fallen about 55% since the start of 2026, and its weight in the MSCI Emerging Markets Index has dropped from 1.16% to 0.43%. Foreign investors have continued to pull out of Indonesian stocks, with net selling of about $3.9 billion in the first half of the year, while Moody's and Fitch have both revised Indonesia's sovereign credit outlook to negative.
Jakarta's market had not yet closed at the time of publication (the closing session ends at 3:30 p.m. Jakarta time); the figures above are intraday, and GSM will follow up with the closing results.
来源：GSM·美国（原文链接）
图片来源：图：位于雅加达苏迪曼中央商务区的印尼证券交易所（IDX）大楼。图片来源：印尼证券交易所（Bursa Efek Indonesia），经维基共享资源（Wikimedia Commons）发布。The Indonesia Stock Exchange (IDX) building in Jakarta's Sudirman Central Business District. Photo: Bursa Efek Indonesia, via Wikimedia Commons.
GSM Global · 本篇英文版 English edition of this story
- 2026-10-16 12:00MSCI启动将印尼降级为「独立市场」咨询 雅加达股市盘中重挫逾一成本篇
- 2026-10-19 00:44跟进：印尼股市周一再跌逾5%创六年低位 交易所把单日跌幅限制砍至7%并约见 MSCI
