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No trading on Indonesia Stock Exchange on election day
Trading optimism has plunged this month as the market anticipates the Feb. 14 general election, the volatile rupiah and US monetary policy uncertainties.
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Attendees look at stock trading movements during the trade opening ceremony at the Indonesia Stock Exchange (IDX) in Jakarta on Tuesday, Jan. 2, 2024. (Antara/Asprilla Dwi Adha)
The Indonesia Stock Exchange (IDX) has announced that the market will not open on polling day, which falls on Feb. 14.
"Therefore, it is hereby announced that Feb. 14, 2024, is designated as a stock exchange holiday,” said IDX president director Iman Rachman on Tuesday, as quoted by Antara News.
The announcement follows the circular from the Financial Services Authority (OJK) No. S-33/PM.122/2024 dated Feb. 5, 2024.
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The decision to close the market on election day is in accordance with Article 167 of Law No. 7/2017 on general elections, which states that voting day is designated as a national holiday.
Iman explained that changes to the stock exchange holiday calendar for 2024 might be determined later if the central bank revised its operational calendar, or if the government announced further changes to national holidays and collective leave in 2024.
"The stock exchange holiday will be determined later if clearing activities are canceled by BI or due to government announcements regarding the cancellation of work activities on a certain day," said Iman.
There will be three trading holidays throughout February, including this week’s Ascension Day of Prophet Muhammad on Feb. 8 and the Chinese New Year on Feb. 10. There will be a total of 239 trading days throughout this year.
The Capital Sensitivity Analysis (CSA) Index, issued by Jakarta-based CSA Institute, showed the trading optimism level for February stands at 59.7, a drop from January's 83.7. It indicates that the market is less optimistic about the IDX's performance this month. According to the securities analysts’ association, several factors affect the declining sentiment, including the election, anticipation of rupiah instability and monetary policy uncertainty in the United States.
