Indonesia benchmark index opens 8% lower after MSCI emerging-market warning

This is a reminder that index classification is itself a market-moving event: MSCI's warning alone repriced the benchmark at the open, before any actual reclassification. The immediate exposure sits with index-tracked funds and the Indonesian equities they hold, since passive flows follow the label rather than the fundamentals. The open question is whether MSCI's warning hardens into a formal reclassification or remains a signal that Indonesian authorities can address — and whether passive money waits for the decision or front-runs it.