Indonesia loses Southeast Asia’s largest stock market crown to Singapore

Indonesia has lost its position as Southeast Asia's largest stock market to Singapore. As of recent data compiled by Bloomberg, Indonesia's total market capitalization has dropped over 30% from its January peak to $618 billion, while Singapore's has risen to $645 billion. This shift is attributed to declining investor sentiment in Indonesia, driven by uncertainties surrounding a potential equities reclassification to frontier markets. Furthermore, Fitch Ratings and Moody’s Ratings have both downgraded their credit rating outlooks for Indonesia to negative. Consequently, Indonesia's stock benchmark is performing poorly compared to global peers, and its currency, the rupiah, has reached successive record lows.