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Indonesia’s MSCI Crisis Driven By Wash Trades and 5,000% Rallies

Bloomberg Markets Sunday 01 November 2026, 22:00 UTC By Harry Suhartono and Prima Wirayani 1 min read
Key Points

EXCLUSIVE The Big Take Wash Trades and 5,000% Gains: Inside Indonesia’s MSCI Hustle Stock trading schemes that helped enrich Indonesia’s tycoons have put the country on the verge of a costly MSCI downgrade. It was about seven weeks into a dizzying, 5,000% rally in the share price of an obscure Asian delicacy maker when the research note popped up on traders’ screens in Jakarta.

EXCLUSIVE The Big Take Wash Trades and 5,000% Gains: Inside Indonesia’s MSCI Hustle Stock trading schemes that helped enrich Indonesia’s tycoons have put the country on the verge of a costly MSCI downgrade. It was about seven weeks into a dizzying, 5,000% rally in the share price of an obscure Asian delicacy maker when the research note popped up on traders’ screens in Jakarta. Even in Indonesia — a country where mysterious market gyrations are so common that the term “deep-fried stocks” is part of the financial lexicon — the report, penned in late January by the brokerage Samuel Sekuritas, was astonishing.
Indonesia (LOCATION) MSCI Crisis Driven By Wash Trades (ORG) The Big Take Wash Trades (ORG) MSCI Hustle Stock (ORG) MSCI (ORG) Asian (ORG) Jakarta (LOCATION) Samuel Sekuritas (PERSON)
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