Indonesian Stock Exchange chief executive Iman Rachman resigned on Friday after the country’s stock market lost $84 billion in the past two days on concerns about a potential downgrade by index provider MSCI.

in a versionThe Indonesian stock exchange said Rahman had resigned, taking responsibility for “recent market conditions” but did not elaborate.

“I hope this is the best decision for the capital markets. May my resignation lead to improvements in our capital markets,” Rahman said at a news conference. According to Reuters.

“Hopefully the index, which opened this morning, will continue to improve in the coming days,” he added.

Morgan Stanley Capital International (MSCI) may downgrade China to “frontier” market status from emerging market, the bank warned on Tuesday, underscoring concerns about transparency in dealings.

“Investors highlighted that fundamental investability issues remain due to continued opacity of shareholding structures and concerns about coordinated trading practices that could undermine appropriate price formation,” MSCI said. explain late Tuesday.

The Jakarta Composite Index rose 1.18% on Friday, fell 7.35% on Wednesday, and fell another 1.06% on Thursday.

IDX issued a statement on Wednesday saying it recognized MSCI’s feedback and reiterated its commitment to increasing the weight of Indonesian stocks in the MSCI index.

“This commitment is achieved through continued improvements in market data transparency, including providing more accurate and reliable information,” it said.