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Indonesia Stocks Plunge on MSCI Downgrade
Indonesia's stock market plunged 20% in three sessions, wiping about $90 billion in value.
Key points
- @cryptorover said Rp 2.14 quadrillion ($90 billion) was wiped off Indonesia's stock market as stocks plunged 20% in just 3 trading sessions.
- @Barchart said Indonesia's stock market plunged to its lowest level since 2020 after MSCI said it's considering a 2-step downgrade from Emerging Market to Standalone.
- @LT3000Lyall said locals cornered and wash traded a bunch of stocks up, artificially boosting market cap & liquidity with the goal of achieving index inclusion & unloading into passive buying, and that almost half the market cap was "saham gorengan" (deep fried shares).
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Indonesia's stock market plunged to its lowest since 2020 after MSCI said it may downgrade it from Emerging Market to Standalone.
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Locals in Indonesia wash-traded stocks to inflate market cap and liquidity for MSCI index inclusion, with nearly half of market cap now such manipulated shares.
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From @DonMiami3 and others. Spam removed, with English and Chinese translations.
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