Politics

Said Didu Suspects MSCI Used by Oligarchs to Attack Stock Market

Stateline MEDIA Newsroom•October 17, 2026•3 min read

Muhammad Said Didu criticized OJK leadership as disappointing and suspected MSCI is being used by oligarchs to attack Indonesia's stock market. He asked President Prabowo to assess the OJK leadership's performance.

Key Facts

Political observer Muhammad Said Didu launched sharp criticism of the Financial Services Authority (OJK) leadership through his personal X account on Friday (10/16/2026).
He called the OJK leadership "disappointing" and asked President Prabowo Subianto to seriously assess the performance of OJK leaders who had previously promised to fix the stock market.
Said Didu warned that MSCI's downgrade of Indonesia's stock market status from emerging market to standalone is highly risky, as it would isolate Indonesia's stock market from global capital sources.
He admitted finding it hard to trust the integrity and independence of OJK leadership, citing its failure to curb online gambling (judol) and online fraud.
Said Didu also warned of MSCI intervention: in his view there should have been no "punishment"-like announcement, since the process is only at the assessment stage and the official announcement is scheduled for June 2027.
Context: the Jakarta Composite Index (IHSG) plunged more than 11 percent on Friday (10/16/2026), triggering a trading halt, after MSCI opened a consultation on downgrading Indonesia's stock market classification; Kadin (the Indonesian Chamber of Commerce) urged MSCI to give a transparent and balanced assessment.

Said Didu: OJK Leadership Disappointing, Prabowo Must Assess

Political observer Muhammad Said Didu called the leadership of the Financial Services Authority (OJK) disappointing. He delivered the criticism through his personal X account on Friday (10/16/2026), amid turmoil in Indonesia's stock market which plunged more than 11 percent and triggered a trading halt.

Didu asked President Prabowo Subianto to seriously assess the performance of OJK leadership, which had previously promised to fix the stock market. "But honestly I must say, I find it hard to trust the integrity and independence of the OJK leadership," he wrote. He cited his doubts about OJK's ability to curb online gambling (judol), online fraud, and other problems.

Suspects MSCI Used by Oligarchs to Attack Stock Market

Going further, Said Didu warned the public to be alert to intervention by Morgan Stanley Capital International (MSCI) in Indonesia's stock market. MSCI has opened a consultation on downgrading Indonesia's stock market classification from emerging market to standalone market.

"It is highly risky if MSCI downgrades Indonesia's stock market status from emerging market to standalone, down two notches," Didu wrote. In his view, if that happens, Indonesia's stock market would be isolated from global capital sources and very dangerous for investment flows.

Didu argued there should have been no "punishment"-like announcement against Indonesia's stock market, since the process is only at the assessment stage and the official announcement is scheduled for June 2027. He suspects certain parties are exploiting the situation to attack the stock market.

Kadin Urges Transparent MSCI, Backs OJK Reform

Meanwhile, the Indonesian Chamber of Commerce and Industry (Kadin) urged MSCI to give a transparent and balanced assessment of Indonesia's stock market. Kadin affirmed its support for the eight pillars of stock exchange governance reform driven by OJK, including raising the free float threshold toward 15 percent and transparency of ultimate beneficial owners.

"We must use the MSCI assessment as a spur to reform. Criticism from outside must be answered with data, actions, and verifiable results," said Kadin Chairman Anindya Bakrie. The polemic marks a new chapter of pressure on the market authority to prove governance improvements in concrete terms.