The sharp global rally left Indonesia country-specific exchange traded funds in the dust after Credit Suisse Group AG downgraded Indonesian equities to a sell rating in anticipation of a weak phase ahead.

On Tuesday, the iShares MSCI Indonesia ETF (NYSEArca: EIDO) fell 1.2% and VanEck Vectors Indonesia Index ETF (NYSEArca: IDX) dropped 1.0% while the benchmark MSCI Emerging Markets Index gained 1.0%.

Dragging on the Indonesian equities, Credit Suisse downgraded Indonesia’s market to a sell rating, Bloomberg reports.

“We now see an opportunity to reduce exposure to Indonesian assets before the market enters a phase of underperformance,” Credit Suisse analysts led by Alexander Redman wrote in a recent research note.

The bank’s research team has taken up a bearish call, citing six reasons why investors should sell the nation’s shares, including an overbought rupiah and stock market, a liquidity squeeze and economic growth that may be set for “strong negative revisions.”

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