Business · Markets · 3 hrs ago
Hashim Urges Indonesian Business Leaders to Stop Stock Price Manipulation
Hashim Djojohadikusumo urged Kadin members to stop manipulating share prices at a business meeting in Jakarta.
Kadin is Indonesia’s Chamber of Commerce and Industry, and Hashim chairs its advisory board.
MSCI has proposed downgrading Indonesia from an emerging market to a standalone market, amid concern over stock price manipulation.
Hashim warned that a downgrade could drive foreign investors away and weaken the rupiah, which he said could fall to Rp21,000–Rp22,000 per US dollar.
Some 32.7 million Indonesians with brokerage accounts are dissatisfied because the value of their shares has fallen.
Hashim said the government intends to take firm action, and that President Prabowo Subianto had asked him to help address the issue.
Hashim Djojohadikusumo urged Indonesian business leaders to stop manipulating share prices.
He made the appeal at the 2026 national leadership meeting of the Indonesian Chamber of Commerce and Industry in Jakarta.
Hashim said MSCI had proposed downgrading Indonesia from emerging-market to standalone-market status.
He warned that a downgrade could drive away foreign investors and weaken the rupiah.
Hashim said 32.7 million Indonesians with securities accounts were dissatisfied as their share values fell.
- Who
- Hashim Djojohadikusumo, chair of the Indonesian Chamber of Commerce and Industry’s advisory board, addressed business leaders who are members of the chamber.
- What
- He urged them to stop manipulating share prices.
- When
- He made the appeal on Thursday, October 29, at the 2026 national leadership meeting.
- Where
- Hotel Borobudur in Central Jakarta.
- Why
- He said the practice had drawn concern from MSCI, which proposed downgrading Indonesia’s market classification. He warned that a downgrade could prompt foreign investors to leave.
This story does not have two clearly opposing sides.
Hashim urged Kadin members to stop share-price manipulation at the chamber’s national leadership meeting in Jakarta.
CNN Indonesia published its report on Hashim’s appeal.
- Speaker
- Hashim Djojohadikusumo
- Event
- 2026 Indonesian Chamber of Commerce and Industry national leadership meeting
- Venue
- Hotel Borobudur, Central Jakarta
- MSCI proposal
- Reclassify Indonesia from emerging market to standalone market
- Securities-account holders
- 32.7 million Indonesian citizens
What people are saying
I ask my colleagues from Kadin to please stop the share-price manipulation. I strongly ask that this practice be stopped immediately because the government intends to take firm action.
If that happens, the rupiah could reach 21,000–22,000 per US dollar. Our foreign debt would have to be paid back at a higher cost. This could become a disaster and calamity for Indonesia’s economy.
We have to be honest. I think almost every Kadin member has bought shares, right? You are not satisfied, are you? Right? Including me. I also own shares in publicly listed companies. I am not satisfied, so the government should pay attention to this problem.