Indonesian equities reversed a two-day rebound as renewed concern that MSCI may downgrade the country’s market classification hit prices. The Jakarta Composite Index fell as much as 2.7% in early trade, cementing Indonesia’s position as this year’s worst-performing global market. MSCI warned last week Indonesia’s emerging-market status is at risk, triggering the most severe sell-off in nearly 30 years. President Prabowo Subianto’s Wednesday pledge that Indonesia will not be intimidated by the in

Indonesian equities reversed a two-day rebound as renewed concern that MSCI may downgrade the country’s market classification hit prices. The Jakarta Composite Index fell as much as 2.7% in early trade, cementing Indonesia’s position as this year’s worst-performing global market. MSCI warned last week Indonesia’s emerging-market status is at risk, triggering the most severe sell-off in nearly 30 years. President Prabowo Subianto’s Wednesday pledge that Indonesia will not be intimidated by the index provider has raised market doubts about the government’s commitment to market reforms.