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View all search resultsMarkets steady after strong initial response to unrest
The Indonesia Stock Exchange (IDX) composite index fell as much as 3.6 percent at the open on Monday but clawed back some of the losses to close the day down 1.21 percent at a reading of 7,736 points.
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A screen at the Indonesia Stock Exchange (IDX) in Jakarta shows stock quotes on Jan. 2. (Antara Foto/Hafidz Mubarak A)
I
ndonesian stocks clawed back early losses on Monday after a steep initial drop as the government sought to calm investors rattled by widespread political unrest.
The Indonesia Stock Exchange (IDX) Composite index fell as much as 3.6 percent to 7,551 points when the market opened but had recovered to 7,771 by Monday’s lunch break before closing the day down 1.21 percent at a reading of 7,736 points.
The rupiah, which had slipped nearly 1 percent to Rp 16,499 per dollar in morning trade, firmed to Rp 16,435 by midday after Bank Indonesia (BI) vowed to defend the currency.
Coordinating Economic Minister Airlangga Hartarto said on Monday that the government would maintain active communication with publicly listed companies and investors to ensure investment plans would proceed as scheduled.
“We call on businesses to remain calm and optimistic. We all have a moral responsibility to keep the economy moving, so that jobs and people’s welfare are preserved,” Airlangga said at a joint press conference held together with the IDX and the Financial Services Authority (OJK).
Read also: Students and activists call off protests on Monday, citing heightened security
He emphasized that the economy was “fundamentally solid” and would get a boost from a planned incentive package, promising to “minimize” the economic impact of the protests in which at least eight people have died.
