Indonesian stocks plunged in January after global index compiler MSCI threatened to downgrade the market as investors highlighted “opacity in shareholding structures” and concerns about possible “coordinated trading behaviour”.

It prompted authorities in Southeast Asia’s largest economy to pledge market reforms.

These included providing data for shareholders owning more than 1% of publicly listed company shares and doubling the minimum shares of listed companies available to the public to 15%.

“The four proposals submitted by Indonesia to the Global Index Providers have been completed and finalised in line with the stated targets,” Financial Services Authority capital market supervisor Hasan Fawzi said in a statement Thursday.

“Going forward, we will continue constructive communication and engagement with the Global Index Providers, as well as gather feedback from investors.”

Jakarta’s stock market was down more than 2% Thursday, joining other markets as remarks from US President Donald Trump dampened hopes of de-escalation in the war in the Middle East.

President Prabowo Subianto seeks to raise the economic growth rate from 5.1% last year to 8% by 2029, powered by high public spending.