News about market manipulation

MSCI warned Indonesia could be downgraded straight from Emerging Market to 'Standalone' status, skipping Frontier, because concerns over opaque shareholding, coordinated trading and weak enforcement persist despite reforms. The Jakarta Composite Index fell 11.6% on Friday and 3.6% on Monday, a near-15% drop over two sessions that is steeper than any two-day stretch in the 1998 Asian crisis, and it is down about 45% from its January 20 peak. About $350 billion in market value has been wiped out since January as foreign investors exit and the rupiah weakens. The OJK fined entities tied to manipulation in three stocks 2.1 trillion rupiah ($116 million), and MSCI will decide by June 30, 2027.