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View all search resultsIDX director steps down after stocks plunge amid MSCI warning
Indonesia Stock Exchange (IDX) president director Iman Rachman has announced his resignation following Morgan Stanley Capital International’s (MSCI) transparency warning that triggered a massive sell-off in Indonesian stocks and temporary trading halts earlier this week.
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IDX president director Iman Rachman announced his resignation to reporters on Jan. 30. (The Jakarta Post/Ni Made Tasyarani)
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ndonesia Stock Exchange (IDX) president director Iman Rachman has announced his resignation following Morgan Stanley Capital International’s (MSCI) transparency warning that triggered a massive sell-off in Indonesian stocks and temporarily halted trading earlier this week.
“Even though market conditions have improved this morning, I want to state that, as a sign of my responsibility for what happened over the past two days, I hereby announce my resignation as president director of Indonesia Stock Exchange,” he told reporters on Friday.
Iman expressed hope that his exit could help improve Indonesia’s capital market, while emphasizing that the mechanism for his replacement would be implemented in line with prevailing regulations.
The IDX Composite index was up 1.18 percent at 8,329 points heading into the lunchtime break on Friday.
The local stock market benchmark had dropped to as low as 8,167.16 points earlier in the day as news of the resignation was disclosed.
At a separate event, Finance Minister Purbaya Yudhi Sadewa said the resignation could help improve market sentiment.
“I think it’s positive that he took responsibility for the issues that emerged on the stock exchange yesterday, because he had not followed up on the input or questions from MSCI,” Purbaya told reporters on Friday.
