MSCI has opened a consultation on whether to downgrade Indonesia’s stock market from emerging market to standalone market status. The index provider also announced on 23 June 2026 that Bulgaria will move from standalone to frontier market, in one step at the May 2027 index review.
Indonesia’s consultation timeline
The consultation on Indonesia runs until 30 April 2027. MSCI has set a final decision for 30 June 2027 at the latest. Indonesia Stock Exchange officials said the move is only a proposal and does not place the market in standalone status.
Iding Pardi, the exchange’s director of development, said a standalone classification does not mean the lowest rung on a ladder. He rejected the idea that markets move in a fixed sequence from advanced to emerging, frontier and standalone.
Bulgaria’s long road to reclassification
Bulgaria was placed in the standalone category in August 2016. Moving to frontier status takes the market almost a decade to complete. MSCI first consulted on the change in 2024, but postponed the decision to assess liquidity and Bulgaria’s readiness to adopt the euro.
Bulgaria adopted the euro on 1 January 2026. Manyu Moravenov, chief executive of the Bulgarian Stock Exchange, said the decision signals that reforms are beginning to pay off. He said the country is increasingly attractive to international investors.
Related: MSCI proposes downgrading Indonesia to Standalone market · Jakarta stocks slump 3.64% as MSCI weighs Indonesia downgrade
Source: MSCI
