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View all search resultsIDX director steps down after stocks plunge amid MSCI warning
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IDX president director Iman Rachman announced his resignation to reporters on Jan. 30. (The Jakarta Post/Ni Made Tasyarani)
I
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 temporary trading halts 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.
Read also: Govt vows swift changes to heed MSCI demands for RI stocks
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 around 1.5 percent near 8,350 points during Friday’s morning trading session.
The local stock market benchmark had dropped to as low as 8,167.16 points earlier in the session as news of the resignation was disclosed but rebounded shortly after.
