Indonesia's stock market is facing a potential downgrade from emerging to frontier market status, which may lead to significant capital outflows. The decision, to be made by MSCI, has already prompted warnings and has had an impact on the market, with some outlets suggesting that billions of dollars in investment are at risk. The review of Indonesia's market status has been extended, with MSCI citing concerns over transparency, and other index providers, such as S&P Dow Jones, have also put the country on a watch list for a possible downgrade.