<p>印尼證券交易所（IDX）首席執行官 <strong>伊曼·拉赫曼</strong> 於週五辭職，突顯出投資者在本週市場突然暴跌後加深的焦慮，約 800 億美元的股權價值在此次暴跌中蒸發。</p>
<p>拉赫曼的辭職被視為對 “近期市場狀況” 的個人責任。在新聞發佈會上，這位高管表示，他希望自己的決定能帶來資本市場的改善。</p>
<h2>賣壓的觸發因素是什麼？</h2>
<p>拉赫曼的辭職是在雅加達綜合指數（JCI）出現劇烈拋售之後做出的，該基準指數在兩個交易日內下跌超過 8%——這是幾個月以來最大的多日跌幅——並在週三和週四觸發了自動交易暫停。</p>
<p>此次暴跌是由於 <strong>MSCI Inc.</strong> 的意外警告，該全球指數編制公司指出印尼股票的 “可投資性” 和透明度問題。</p>
<p>“投資者強調，由於股權結構的不透明性以及可能的協調交易行為影響了適當的價格形成，基本的可投資性問題依然存在，” MSCI 在週二晚間表示。</p>
<p>MSCI 建議，除非解決結構性問題，否則印尼有被降級為 “前沿市場” 的風險。</p>
<p>MSCI 的基準指數被全球基金廣泛用作資本配置的晴雨表。降級或減少印尼的指數權重可能迫使跟蹤 MSCI 指數的基金進行系統性拋售，從而加劇市場壓力。</p>
<h2>監管機構安撫投資者</h2>
<p>針對拋售和 MSCI 的批評，印尼監管機構已採取措施安撫投資者。</p>
<p>IDX 在週三表示，已認識到 MSCI 的反饋，並重申其增加印尼股票在 MSCI 指數中權重的承諾。</p>
<p>金融服務管理局（OJK）表示，將把上市公司的最低自由流通要求提高至 15%，以改善流動性和透明度。印尼政府還表示，將把養老金和保險公司在股市投資的限額從 8% 提高至 20%。</p>
<p>這些措施在週五稍微平息了市場，JCI 在該交易日上漲了 1.18%。</p>
<p>儘管如此，整體信心依然脆弱，印尼股票市場的動盪與該國在 <strong>普拉博沃·蘇比安託</strong> 總統領導下的經濟和財政方向的不確定性相伴而生。</p>
<p>投資者的不安通過外資流出增加得以體現，這種不安是由於政府收入減弱的同時計劃擴大社會支出、印尼盾面臨壓力（該貨幣一直在接近歷史低點交易），以及普拉博沃的侄子本週被確認擔任副行長後對中央銀行獨立性的質疑再度浮現。</p>
<p><em>圖片來源於 Shutterstock</em></p>

明晟

<p>印度尼西亞證券交易所首席執行官 Iman Rachman 因市場因 MSCI 對印度尼西亞股票的可投資性和透明度的擔憂而引發的 800 億美元市場損失而辭職。他的辭職旨在對市場狀況承擔責任。作為回應，印度尼西亞監管機構正在向投資者保證，承諾改善股票透明度並提高養老金基金的投資限額。儘管市場略有回升，但在普拉博沃·蘇比安託總統任內，投資者信心仍然脆弱，面臨更廣泛的經濟不確定性</p>

<p>The CEO of the <strong>Indonesia Stock Exchange</strong> (IDX), <strong>Iman Rachman</strong>, resigned on Friday, underscoring deepening investor anxiety after a sudden market plunge wiped out about $80 billion in equity value this week.</p>
<div class="lb-trans"><p>印尼證券交易所（IDX）首席執行官 <strong>伊曼·拉赫曼</strong> 於週五辭職，突顯出投資者在本週市場突然暴跌後加深的焦慮，約 800 億美元的股權價值在此次暴跌中蒸發。</p>
</div><p>Rachman’s exit is framed as a personal act of accountability for the “recent market condition.” At a press conference, the executive said he hoped his decision would lead to improvements in the capital market.</p>
<div class="lb-trans"><p>拉赫曼的辭職被視為對 “近期市場狀況” 的個人責任。在新聞發佈會上，這位高管表示，他希望自己的決定能帶來資本市場的改善。</p>
</div><h2>What Triggered The Sell-Off?</h2>
<div class="lb-trans"><h2>賣壓的觸發因素是什麼？</h2>
</div><p>Rachman’s resignation came in the wake of a sharp sell-off on the Jakarta Composite Index (JCI) that saw the benchmark index fall more than 8% over two sessions — its biggest multi-day drop in months — and triggered automatic trading halts on Wednesday and Thursday.</p>
<div class="lb-trans"><p>拉赫曼的辭職是在雅加達綜合指數（JCI）出現劇烈拋售之後做出的，該基準指數在兩個交易日內下跌超過 8%——這是幾個月以來最大的多日跌幅——並在週三和週四觸發了自動交易暫停。</p>
</div><p>That rout was sparked by a surprise warning from <strong>MSCI Inc.,</strong> the influential global index compiler, which flagged “investability” and transparency concerns in Indonesian equities.</p>
<div class="lb-trans"><p>此次暴跌是由於 <strong>MSCI Inc.</strong> 的意外警告，該全球指數編制公司指出印尼股票的 “可投資性” 和透明度問題。</p>
</div><p>“Investors highlighted that fundamental investability issues persist due to ongoing opacity in shareholding structures and concerns about possible coordinated trading behaviour that undermines proper price formation,” MSCI said late Tuesday.</p>
<div class="lb-trans"><p>“投資者強調，由於股權結構的不透明性以及可能的協調交易行為影響了適當的價格形成，基本的可投資性問題依然存在，” MSCI 在週二晚間表示。</p>
</div><p>MSCI suggested Indonesia risks being downgraded from &#34;emerging market&#34; to &#34;frontier market&#34; status unless structural issues are addressed.</p>
<div class="lb-trans"><p>MSCI 建議，除非解決結構性問題，否則印尼有被降級為 “前沿市場” 的風險。</p>
</div><p>MSCI's benchmarks are widely used by global funds as a barometer for where to allocate capital. A downgrade or reduction in Indonesia’s index weighting could force systematic selling by funds that track MSCI indices, amplifying market stress.</p>
<div class="lb-trans"><p>MSCI 的基準指數被全球基金廣泛用作資本配置的晴雨表。降級或減少印尼的指數權重可能迫使跟蹤 MSCI 指數的基金進行系統性拋售，從而加劇市場壓力。</p>
</div><h2>Regulators Reassure Investors</h2>
<div class="lb-trans"><h2>監管機構安撫投資者</h2>
</div><p>In response to the sell-off and MSCI's criticisms, Indonesian regulators have moved to reassure investors.</p>
<div class="lb-trans"><p>針對拋售和 MSCI 的批評，印尼監管機構已採取措施安撫投資者。</p>
</div><p>The IDX had said on Wednesday that it recognised MSCI’s feedback and reaffirmed its commitment to increase the weighting of Indonesian equities in the MSCI indexes.</p>
<div class="lb-trans"><p>IDX 在週三表示，已認識到 MSCI 的反饋，並重申其增加印尼股票在 MSCI 指數中權重的承諾。</p>
</div><p>The Financial Services Authority (OJK) said it would raise the minimum free-float requirement for listed companies to 15% to improve liquidity and transparency. The Indonesian government also said it would increase the limit for pension funds and insurers to invest in the stock market from 8% to 20% of their assets.</p>
<div class="lb-trans"><p>金融服務管理局（OJK）表示，將把上市公司的最低自由流通要求提高至 15%，以改善流動性和透明度。印尼政府還表示，將把養老金和保險公司在股市投資的限額從 8% 提高至 20%。</p>
</div><p>These measures helped calm markets slightly on Friday, with the JCI trading 1.18% higher in the session.</p>
<div class="lb-trans"><p>這些措施在週五稍微平息了市場，JCI 在該交易日上漲了 1.18%。</p>
</div><p>Still, overall confidence remains fragile, with the turmoil in Indonesian equities unfolding against broader uncertainty over the country's economic and fiscal direction under President <strong>Prabowo Subianto</strong>.</p>
<div class="lb-trans"><p>儘管如此，整體信心依然脆弱，印尼股票市場的動盪與該國在 <strong>普拉博沃·蘇比安託</strong> 總統領導下的經濟和財政方向的不確定性相伴而生。</p>
</div><p>Investor unease, reflected by the uptick in foreign capital outflows, has been fueled by plans to expand social spending even as government revenues weaken, pressure on the rupiah, which has been trading near record lows, and renewed questions about central bank independence after Prabowo's nephew was confirmed as deputy governor this week.</p>
<div class="lb-trans"><p>投資者的不安通過外資流出增加得以體現，這種不安是由於政府收入減弱的同時計劃擴大社會支出、印尼盾面臨壓力（該貨幣一直在接近歷史低點交易），以及普拉博沃的侄子本週被確認擔任副行長後對中央銀行獨立性的質疑再度浮現。</p>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>圖片來源於 Shutterstock</em></p>
</div>

印尼證券交易所首席執行官在市場暴跌 800 億美元后辭職——究竟發生了什麼？