JUST IN: 🇮🇩Indonesia’s stock market wiped out $60,000,000,000 today, its worst day in 28 years. The Jakarta Composite closed down 11.57% at 5,185, a level not seen in almost 26 years. The last bigger daily drop came during the 1998 Asian financial crisis, when a collapsing rupiah drove up foreign debt costs and deepened a banking crisis. The index is now down about 40% this year. The fall comes amid MSCI proposing to strip Indonesia of emerging-market status over opaque ownership, suspected coordinated trading and weak enforcement. That could force funds tracking its global indices to sell Indonesian stocks. UBS estimates around $4 BILLION in passive outflows, with active investors potentially withdrawing another $15 BILLION. The downgrade is still pending, with a final decision due by June 2027. The rout comes as South Korea’s KOSPI fell -14.46% this week, its worst week since the 2008 financial crisis.