Business
IDX interrupts short selling to halt market decline
Jakarta. The Indonesia Stock Exchange, or IDX, stopped short selling during the local crisis on Monday, seeking to avoid a further stock market downturn caused by panic sales as the new coronavirus epidemic shows no signs The Indonesian government has announced the first two cases of Covid-19 infections in the country.
The Jakarta composite index fell 7.3% last week, its largest drop since the 2008 financial crisis.
The index continued to fall 1.68% on Monday, after Indonesia announced its first two cases of Covid-19 disease.
The stock market said that short selling – a common market practice that involves traders selling stocks they borrowed from others to be bought at a lower price – would only increase the pressure down on the Indonesian stock market and investor panic.
"The stock exchange will not publish a list of securities that can be traded in short sales until a later date to be determined later," IDX secretary general Yulianto Aji Sadono said on Monday.
The exchange will not process requests for securities interested in short selling until an unknown time, Aji said.
"The stock exchange will always strive to strengthen market surveillance, the supply of market products and favorable trade agreements," he said.
Fear of a continuing Covid-19 epidemic wiped out $ 5 trillion of the world's stock markets last week – the worst week since the 2008 financial crisis.
The Indonesian stock market has been among the hardest hit in Southeast Asia, investors fearing the fallout from the Covid-19 epidemic outside China have sold their holdings for Escape to safer assets like gold and US government bonds.
The Philippines stock market fell 7.9% last week, followed by Indonesia (7.3%), Vietnam (5.5%), Singapore (5.3%) and Malaysia ( 3.2%).
"The exchange is working with the Financial Services Authority and the government to formulate initiatives and incentives to counter the impact of the coronavirus epidemic on the Indonesian capital market," said Aji.
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