Finance Minister Purbaya Yudhi Sadewa stated that the announcement by Morgan Stanley Capital International (MSCI) is likely to have a significant impact, particularly on speculative stocks. He urged authorities to promptly address and clean up the practice of so-called “pump-and-dump” stocks in the capital market. Purbaya also advised investors to shift their focus toward blue-chip stocks with stronger fundamentals. According to him, market declines have largely affected speculative stocks, while major blue-chip shares have remained relatively resilient, as he noted on Friday (Jan. 30, 2026).

Purbaya further explained that the two consecutive days of temporary trading halts in the stock market were merely short-term shocks. He believes that the pressure on the IHSG triggered by MSCI’s assessment will be temporary, given Indonesia’s solid economic fundamentals, which are expected to support stronger growth going forward. While acknowledging market concerns over the possibility of Indonesia being classified as a frontier market, he expressed confidence that such a downgrade would not occur due to the country’s robust economic base. Purbaya also added that the Financial Services Authority (OJK) will follow up on the shortcomings highlighted by MSCI regarding Indonesia’s stock market. Previously, trading on the Indonesia Stock Exchange was temporarily suspended on Thursday morning (Jan. 29, 2026) after the IHSG plunged 8% to a level of 7,654.66.