Indonesian_Stock_Exchange_CEOPasses_Due_to_Market_Downgrade_Threat

The Indonesian Stock Exchange CEO Resigns Amid Market Rout

Iman Rachman, the chief executive officer of the Indonesia Stock Exchange (IDX), has stepped down following a two-day market rout. The Jakarta Composite fell sharply, losing over $84 billion in just two days due to concerns over a potential downgrade by MSCI.

Rachman emphasized that his resignation is an attempt to take responsibility for the recent market conditions and hopes it will lead to improvements. The index briefly stabilized on Friday after dropping by 7.35% on Wednesday and another 1.06% on Thursday.

MSCI had warned of a possible downgrade to frontier-market status, highlighting issues related to shareholding transparency and trading behavior. Despite the losses, there are hopes for recovery in the coming days.