Indonesian stocks plunge after MSCI warns of downgrade

Nikkei Asia reports that MSCI is considering moving the MSCI Indonesia Index from emerging to standalone market status, a setback for Jakarta's efforts to keep its emerging market rating. The index's fall was the largest in 28 years, and concerns over capital outflows are mounting. The Financial Times writes that the index provider said the market could be cut from its indices, which fuels doubts about investability. Bloomberg describes the move as coming after months of warnings. The New York Times says it adds to a deepening crisis of investor confidence in President Prabowo Subianto's economic policies.