Jakarta. Indonesia Stock Exchange (IDX) chief executive Iman Rachman resigned on Friday morning, following two consecutive days of steep market losses that briefly triggered trading halts after a critical report by MSCI Inc.

Iman said his decision to step down was an act of responsibility for the recent turmoil in the capital market.

“As CEO of the Indonesia Stock Exchange, and as a form of responsibility for what happened over the past two days, I hereby state my resignation. I hope this is the best decision for the capital market,” Iman said at a press conference at the exchange.

He added that the move was made to help preserve market stability and investor confidence. Iman also expressed hope that the stock index, which opened higher on Friday morning, would continue to recover in the coming days.

“Hopefully, the index, which opened stronger this morning, will continue to improve in the days ahead,” he said.

Iman said all administrative and documentation processes related to his resignation would be carried out in accordance with the exchange’s articles of association. IDX will appoint an acting CEO until a permanent replacement is selected.

In closing, Iman apologized to stakeholders for any shortcomings during his nearly four-year tenure.

“If there were any actions or approaches during my leadership that were less than satisfactory, I sincerely ask for your understanding,” he said.

The press conference concluded without a question-and-answer session.