IDX Says FTSE Russell Maintains Indonesia’s Secondary Emerging Market Status

October 27, 2026 10:56 AM . 2 min read

Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik (left). Source: OJK

JAKARTA, JakartaWeekly.com—Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik said international index provider FTSE Russell has maintained Indonesia’s stock market classification as a Secondary Emerging Market. FTSE Russell has also excluded Indonesia from its watch list for a potential downgrade.

Jeffrey made the statement at a joint press conference with the Financial Services Authority (OJK) at the IDX building in Jakarta on Monday, October 26, 2026.

“FTSE Russell expressed its appreciation for the measures taken in Indonesia’s capital market. FTSE Russell also reaffirmed that its October 6 report clearly stated that Indonesia had been classified as a Secondary Emerging Market. Furthermore, Indonesia was not included on the watch list,” Jeffrey said recently.

According to Jeffrey, FTSE Russell’s assessment provides strong confirmation of the condition of Indonesia’s capital market and represents recognition of the reforms that have been implemented.

Despite market pressure following MSCI’s announcement on October 15, 2026, local time, Indonesia’s stock market showed positive performance, with the Jakarta Composite Index (JCI) gaining 4.9% during trading from October 19 to 23, 2026.

The JCI briefly fell to 4,907.37 on Monday, October 19, before recovering and closing at 5,439.2 on Friday, October 23.

Hasan Fawzi, OJK’s Chief Executive for Capital Markets, Derivatives Finance, and Carbon Exchanges Supervision, said the performance placed the IDX among the world’s major stock exchanges with notable weekly gains. OJK views this development as evidence of the resilience of Indonesia’s capital market in the face of external pressures.

Hasan emphasized that the quality of the market recovery is more important than the magnitude of the index’s gains, particularly as investors increasingly base their investment decisions on information, corporate fundamentals, and objective risk assessments. OJK reaffirmed that capital market reforms would continue regardless of the consultation process or decisions concerning global index classifications.