Business · Markets · 27 mins ago
Gibran Resignation Reports Put Indonesia's Markets in Focus
Reports that Indonesian Vice President Gibran Rakabuming Raka had resigned intensified political uncertainty on Nov.
11, although the previous day he had been reported as intending to resign.
On Tuesday, Indonesia's Jakarta Composite Index rose 1.02% to 5,125, while the rupiah strengthened to 18,062 per US dollar.
Markets initially closed higher despite the resignation news, with lower crude oil prices also supporting stocks.
Currency and commodity analyst Ibrahim Assuaibi later warned that the index could fall by as much as 7% and the rupiah could weaken to between 18,220 and 18,250 per dollar.
He said political uncertainty could prompt investors to hold back, while concerns about a possible MSCI downgrade also weighed on market sentiment.
Investors are watching political developments and MSCI's review, alongside the rupiah and global markets, for signs of how trading may move next.
Reports that Indonesian Vice President Gibran Rakabuming Raka had resigned put the country’s markets under scrutiny.
On November 10, the Jakarta Composite Index rose 1.02 percent to 5,125, and the rupiah strengthened to Rp18,062 per US dollar.
The next day, currency and commodity analyst Ibrahim Assuaibi warned that the index could fall by as much as 7 percent and the rupiah weaken to between Rp18,220 and Rp18,250.
Projo chairman Budi Arie confirmed the resignation report on November 11, while the articles do not independently establish whether Gibran had formally resigned.
Analysts also cited political uncertainty, a possible MSCI downgrade and global market trends as risks to investor confidence.
- Who
- Vice President Gibran Rakabuming Raka is at the center of reports that he resigned. Analysts and market participants discussed the possible effects.
- What
- Reports of Gibran's resignation prompted concerns about Indonesia's markets, though the sources do not independently establish that he formally resigned.
- When
- The reports and market commentary appeared on November 10 and 11, 2026.
- Where
- Indonesia, including its financial markets in Jakarta.
- Why
- Analysts said political uncertainty could weigh on investor confidence; they also cited MSCI review risks and external market factors.
Phintraco Securities
Ibrahim Assuaibi
Market effect
Phintraco Securities
Phintraco said the resignation issue did not put significant pressure on the market, noting that the index stayed positive.
Ibrahim Assuaibi
Ibrahim said the political turmoil added pressure and that the index could fall by as much as 7 percent.
Rupiah outlook
Phintraco Securities
The article reported the rupiah strengthened on November 10.
Ibrahim Assuaibi
Ibrahim forecast the rupiah could weaken to Rp18,220–Rp18,250.
The Jakarta Composite Index closed up 1.02 percent at 5,125, while the rupiah strengthened to Rp18,062 per US dollar.
Budi Arie confirmed the report that Gibran had resigned as vice president.
Ibrahim Assuaibi forecast a possible 7 percent fall in the index and a weaker rupiah.
- JCI close, November 10
- 5,125, up 1.02 percent
- Rupiah close, November 10
- Rp18,062 per US dollar, up 23 points
- Ibrahim's JCI forecast
- Possible fall of up to 7 percent
- Ibrahim's rupiah forecast
- Rp18,220–Rp18,250 per US dollar
- Potential MSCI-related outflow
- US$2 billion to US$6 billion
4 sources
What people are saying
This issue did not put significant pressure on the market, as reflected by JCI staying in positive territory
Actually, even without Gibran resigning, the JCI and rupiah would still weaken. But with Gibran resigning as vice president, the Composite Stock Price Index is likely to fall by as much as 7%. Then the rupiah is likely to be at Rp18,220 to Rp18,250.
Basically, it's true.