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Jakarta Post

Stocks rebound on first day of PSBB as investors regain composure

  • Yunindita Prasidya

    The Jakarta Post

Jakarta   /   Tue, September 15, 2020   /  08:40 am
The Jakarta Post Image
The Indonesian Stock Exchange is viewed in front of a screen showing stock prices.(JP/Seto Wardhana)

The Indonesian stock market rebounded on Monday, the first day of the reimposition of large-scale social restrictions (PSBB) to contain COVID-19 in Jakarta, after the market crash last week, as investor optimism was restored as a result of the limited impact of the measures on businesses. The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), climbed by 2.89 percent to 5,161.82 against the previous trading day, continuing last Friday’s rally of 2.56 percent. The market uptrend offset the dramatic plunge of 5.01 percent last Thursday, the lowest since March, to 4,891.46, which led to a half-hour trading halt as investors engaged in a panic sell-off. The market crash was sparked by the initial announcement of the reintroduction of PSBB amid the continuous rise in COVID-19 cases. “Surprisingly, the measures in this reimposition of the P...