CNA Indonesia vows market reform after stock exchange chief quits over US$80 billion rout

Indonesia’s chief economic minister Airlangga Hartarto has promised to raise financial market transparency and improve corporate governance, after the stock exchange chief resigned to take responsibility for an US$80 billion share rout. Index provider MSCI had warned that the country’s status could be downgraded over concerns about trading and ownership transparency. The benchmark Jakarta Composite Index dropped more than 8% on Wednesday and Thursday. Regulators said communication with MSCI has so far been positive, and they are now waiting for feedback on the proposed measures. Saifulbahri Ismail reports from Jakarta.

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