Indonesia’s stock market plunged as much as 11.5%, marking its biggest daily decline since 1998, after MSCI raised concerns about suspicious trading, possible stock manipulation and limited transparency. The market has reportedly fallen more than 30% this year, while foreign investors have withdrawn nearly $5 billion. The rupiah has also weakened beyond 18,000 per U.S. dollar. MSCI is considering removing Indonesia from its global emerging and frontier market indexes, potentially forcing index-tracking funds to sell Indonesian stocks.
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