Indonesia & Southeast Asia Multi-Crisis: 1998-Level Stock Crash
Indonesia's Jakarta Composite plunged 11.57% — its worst day in 28 years — while the broader region faces fuel shortages, record haze, and flooding, sparking comparisons to the 1998 Asian Financial Crisis.
What we know
An account on X provided a sweeping summary of the multi-country crisis: fuel shortage in Bali, Indonesia's stock index crashing ~8%, the worst haze in Malaysia and Singapore since 2015, Bangkok flooding, and a 'Record Super El Niño' climate event. Another account on X specified the financial damage — $60 billion wiped from Indonesia's stock market in a single session, with the Jakarta Composite closing at 5,185, a level not seen in nearly 26 years. Another account on X RT'd a comparison to the 1998 Asian Financial Crisis and a detailed explainer on the haze caused by Sumatra and Kalimantan fires.
How the story developed
Indonesia's Jakarta Composite plunged 11.57% — its worst day in 28 years — while the broader region faces fuel shortages, record haze, and flooding, sparking comparisons to the 1998 Asian Financial Crisis.
$47 billion wiped off Indonesia's stock market in a single day, the largest drop since the 1998 Asian financial crisis. No single cause cited but macro contagion fears are elevated.
Indonesian stocks suffered their worst plunge since the 1997 Asian Financial Crisis, triggering a trading halt. MSCI is consulting on downgrading Indonesia from emerging market to standalone status.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.