Govt: stock market closed in the interest of shareholders

The Jakarta Post | Fri, 10/10/2008 3:45 PM | Business

The government defended the extension of the suspension on the Indonesian Stock Exchange on Friday, saying that the decision was made entirely in the interest of shareholders.

The government is trying to protect shareholders from deep and painful losses, so confidence on the Indonesian stock market is maintained, Finance Minister Sri Mulyani Indrawati said Friday.

"We hope the suspension does not generate a wrong perception because what we really want is to maintain trust and confidence," Mulyani said as quoted by Antara.

The Indonesia Stock Exchange (IDX) decided to extend the suspension Friday morning despite already announcing the reopening of the market. The IDX closed Wednesday at 11:06 a.m. after the IDX composite index fell 21 percent.

"We are looking for the right timing because the negative sentiment cannot entirely be avoided. We have made a deal with listed companies, brokers and SRO, to come together and create a positive climate in the market," Mulyani said.

In a currently chaotic market, the government, she said, aims at maintaining order in the interest of all shareholders. (and)

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