雅加达——周一，印度尼西亚的基准股指连续第二个交易日大幅下跌，跌至六年来的最低水平。此前，全球金融服务公司MSCI表示可能将印度尼西亚的市场地位下调为“独立市场”（即不再将其纳入全球股票指数体系）。
JAKARTA -- Indonesia's benchmark stock index fell sharply on Monday for the second consecutive trading day to its lowest level in six years, after global financial services company MSCI raised the prospect of downgrading the country to standalone market status.
雅加达综合指数一度跌幅超过5%，盘中最低触及4,907.37点，创下2020年9月以来的新低。市场在收盘前出现反弹，最终指数收于4,996.61点，较周五下跌188.50点，跌幅为3.6%。
The Jakarta Composite Index at one point fell over 5% to an intraday low of 4,907.37, its lowest since September 2020. The market saw a buyback toward the close, and ended at 4,996.61, down 188.50 points or 3.6% lower from Friday.
此次跌幅较周五有所缓解，因为印度尼西亚证券交易所（IDX）此前降低了股票交易的自动抛售限制标准。周五开盘后不久，该指数曾暴跌8.01%，导致市场暂停交易。
The decline was less severe than Friday's, after the Indonesia Stock Exchange (IDX) lowered the threshold for its lower auto-rejection limit. On Friday, the index plunged 8.01% shortly after opening, triggering a trading halt.
IDX表示，将股价超过11卢比的股票的自动抛售限制标准从15%下调至7%。“我们知道这种做法并不常见，但我们的目的是防止投资者在极度不确定、混乱以及恐惧的情绪下做出错误决策，”IDX总裁兼董事杰弗里·亨德里克（Jeffrey Hendrik）周一对记者表示。亨德里克称，这一措施有效遏制了投资者的恐慌情绪，因为指数实际跌幅不到7%。
The IDX specifically cut the lower auto-rejection limit for stocks priced above 11 rupiah to 7% from 15%. "We know this is not common practice, but our aim is to prevent investors from making decisions amid extreme uncertainty, confusion and, above all, fear," IDX President Director Jeffrey Hendrik told reporters on Monday. Hendrik said the policy had been effective in curbing investor panic, pointing to the index's decline of less than 7%.
此次调整是在周日举行的会议上作出的。会议参与者包括金融服务管理局（OJK）、印度尼西亚证券交易所、资本市场分析师和投资经理，他们共同讨论了市场现状。会议重点讨论了提高市场透明度、流动性以及加强执法力度（包括对涉嫌协同交易和市场操纵行为的行政处罚和监管）的措施。MSCI指出，印度尼西亚市场目前面临一系列挑战。
The adjustment followed a meeting on Sunday between the Financial Services Authority (OJK), the IDX, capital market analysts and investment managers to discuss market conditions. The meeting focused on measures to improve transparency, liquidity and consistent law enforcement, including administrative sanctions and tighter oversight of suspected coordinated trading and market manipulation. MSCI has pointed to a series of challenges as issues plaguing the Indonesian market.
针对MSCI的担忧，印度尼西亚金融服务管理局表示一直在推动市场改革，包括对不遵守新法规的公司实施处罚。
In response to MSCI's concerns, the OJK has emphasized that it has been promoting market reforms, including penalties for companies that do not comply with new regulations.
周五，印尼金融服务管理局（OJK）对与交易操纵和不透明首次公开募股配售有关的各方处以约2.1万亿印尼盾（合1.16亿美元）的行政制裁。三家主要上市公司——Dian Swastatika Sentosa（简称DSSA）、Barito Renewables Energy（简称BREN）和Petrindo Jaya Kreasi（简称CUAN）——被发现违反了资本市场规则。
On Friday, the OJK imposed about 2.1 trillion rupiah ($116 million) in administrative sanctions on parties linked to trading manipulation and opaque initial public offering allocations. Three major listed companies -- Dian Swastatika Sentosa (DSSA), Barito Renewables Energy (BREN) and Petrindo Jaya Kreasi (CUAN) -- were found to have violated capital market rules.
OJK负责资本市场、衍生品及碳交易所监管的首席执行官哈桑·福齐（Hasan Fawzi）在周五举行的新闻发布会上表示：“市场操纵是以有计划、有结构的方式进行的，导致DSSA的股价显著上涨。”
"The market manipulation was carried out in a planned and structured manner, causing DSSA's share price to rise significantly," Hasan Fawzi, the OJK's chief executive for capital markets, derivatives and carbon exchange supervision, said at a press conference on Friday.
OJK发现BREN和CUAN的股票认购存在误导性做法，与这些公司控股股东有关联的各方在获得大额配售的同时隐瞒了身份。这导致所有权集中在特定群体中，限制了可用于公开交易的股票数量。
The OJK found misleading practices in share orders for BREN and CUAN, with parties linked to the companies' controlling shareholders securing large allocations while concealing their identities. This concentrated ownership among certain groups, limiting the shares available for public trading.
该监管机构还查明了涉及DSSA的交易违规行为以及涉及BREN和CUAN的股票配售违规行为所带来的非法收益。该机构还在调查涉嫌违规的61只被归类为高股权集中度（HSC）股票中的31只。
The regulator also identified illicit gains from trading violations involving DSSA and share allocation violations involving BREN and CUAN. It is also investigating suspected violations involving 31 of the 61 stocks classified as having high shareholding concentration (HSC).
OJK主席弗里德里卡·维迪亚萨里·德维（Friderica Widyasari Dewi）表示，资本市场改革自1月以来一直在推进。这些措施包括将股票所有权披露要求的门槛从5%收紧至1%以上、提高最低门槛、将投资者分类从9类扩大到39类、调整自由流通股要求，以及加强执法和对资本市场违规行为实施制裁。
OJK Chairperson Friderica Widyasari Dewi said capital market reforms had been underway since January. The measures include tightening share ownership disclosure requirements from 5% to above 1%, raising minimum thresholds, expanding investor classifications from nine to 39 categories, adjusting free-float requirements and strengthening law enforcement and imposing sanctions for capital market violations.
OJK还披露了具有高股权集中度的股票，以监测潜在操纵或所有权支配的风险。她在同一次新闻发布会上表示：“全球指数提供商提出的所有关切都已得到解决和落实，包括与透明度相关的关切。”
The OJK has also disclosed stocks with HSC to monitor risks of potential manipulation or ownership dominance. "All concerns raised by global index providers have been addressed and implemented, including those related to transparency," she said at the same press conference.
经济与法律研究中心（CELIOS）执行董事比马·尤迪斯蒂拉（Bhima Yudhistira）猛烈批评印尼的股市改革，称其尚未带来实质性的改善。他指出，琼林巴拉塔玛公司（Jhonlin Baratama）收购了煤炭开采商巴延资源公司（Bayan Resources）30.25%的股份。琼林巴拉塔玛由商人安迪·西亚姆苏丁·阿尔西亚德（Andi Syamsuddin Arsyad）所有，更为人熟知的名字是哈吉·伊萨姆（Haji Isam），他与印尼总统普拉博沃·苏比安托关系密切。
Bhima Yudhistira, executive director of the Center of Economic and Law Studies (CELIOS), strongly criticized Indonesia's stock market reforms, saying they had yet to deliver tangible improvements. He pointed to Jhonlin Baratama's acquisition of a 30.25% stake in coal miner Bayan Resources (BYAN). Jhonlin Baratama is owned by businessman Andi Syamsuddin Arsyad, better known as Haji Isam, who has close ties to Indonesian President Prabowo Subianto.
他向《日经亚洲》表示：“巴延公司股份的收购是一个迹象，表明透明度和中小投资者保护尚未成为首要任务。”
"The Bayan share acquisition is one indication that transparency and minority investor protection have yet to be made top priorities," he told Nikkei Asia.
印尼证券交易所（IDX）发展总监伊丁·帕尔迪（Iding Pardi）对印尼将保留其新兴市场地位保持乐观，他列举了稳健的经济和企业基本面、不断上升的交易流动性以及投资者数量。
IDX Development Director Iding Pardi remained optimistic that Indonesia would retain its emerging market status, citing solid economic and corporate fundamentals, rising trading liquidity and investor numbers.
他于周五对记者表示：“交易流动性与投资者数量持续增长，而上市公司总体上保持增长轨迹。”他补充说，明晟公司（MSCI）的担忧集中在透明度、完整性和可投资性上。
"Trading liquidity and investor numbers continue to grow, while listed companies generally remain on a growth trajectory," he told reporters on Friday, adding that MSCI's concerns centered on transparency, integrity and investability.
印尼证交所公布印尼的市值达到4980亿美元，通货膨胀率为3.29%，有9只印尼股票被纳入明晟标准指数。该所还表示，印尼的资本流向、外汇市场、股市和地缘政治条件使其区别于独立市场。
The IDX put Indonesia's market capitalization at $498 billion, with inflation at 3.29% and nine Indonesian stocks in the MSCI Standard Index. It also said Indonesia's capital flows, foreign exchange market, stock market and geopolitical conditions distinguished it from standalone markets.
印尼上市公司协会（AEI）主席阿曼德·哈托诺（Armand Hartono）表示，一个世界级的资本市场不仅应具备大市值和高交易量的公司，更重要的是，要赢得投资者的信任。
Armand Hartono, chairman of the Indonesian Issuers Association (AEI), said a world-class capital market should not only feature companies with large market capitalizations and high trading volumes, but, more importantly, be trusted by investors.
他表示：“一个受信任的资本市场建立在可靠的基础设施、透明度、所有权披露、充足且健康的公众持股量以及始终如一的规则执行之上。一个强大的市场不仅能吸引投资，还能维护其完整性并保护所有市场参与者的利益。”
"A trusted capital market is built on reliable infrastructure, transparency, ownership disclosure, adequate and healthy free float, and consistent enforcement of rules. A strong market not only attracts investment but is also able to safeguard its integrity and protect the interests of all market participants," he said.
AEI表示，全球指数提供商如MSCI的评估应以开放和建设性的态度作为参考，以进一步提升市场质量。但最终目标应超越仅仅满足特定指数的标准。
Evaluations by global index providers such as MSCI should be approached openly and constructively as a reference for further improving market quality, the AEI said. However, the ultimate goal should go beyond simply meeting the criteria of any particular index.
“我们希望建设一个具有诚信、具竞争力、提供法律确定性并能长期赢得投资者信任的印尼资本市场，”哈尔托诺说。
"We want to build an Indonesian capital market that has integrity, is competitive, offers legal certainty and earns investors' trust over the long term," Hartono said.