He said the country should build investors’ trust by creating a transparent and valid transaction system as Indonesia had been named one the most preferred emerging markets by a Bloomberg survey of 57 global investors, strategists and traders on their outlook for 2020.

“Do not let anybody play [with penny stocks]. This is about trust. Provide [investors] protection,” Jokowi said during his remarks at the IDX building in South Jakarta.

“We must crack down on manipulation [practices] in the [capital] market and financial transactions, which have led to fraud and criminal activities […] I am hoping that 2020 can be an opportunity for the OJK [Financial Services Authority] and the IDX to clean up the capital market from manipulators. Clean it up and stop them!” he said.

Playing penny stocks can lead to skyrocketing returns for investors, but it could also incur losses for others as the jumps in stock prices are not based on companies’ financial performances.

In addition to the practice, other forms of misconduct also occurred at the bourse throughout 2019.

Last year, the IDX and the OJK imposed sanctions on several companies, such as national flag carrier Garuda Indonesia and property firm PT Hanson International, for issuing financial statements that were not in line with accounting standards. The OJK also fined Hanson International for an under-the-table deposit scheme that collected a total of Rp 2.4 trillion (US$172.36 million) in public funds.

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