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Jakarta Post

[YEARENDER] Stock market rebounds from pandemic

  • Riska Rahman

    Jakarta

PREMIUM
Jakarta   /   Mon, December 28 2020   /  01:00 am
IDX logo in front of a giant screen that displays information of the movement of stock prices at Indonesia Stock Exchange (IDX), Jakarta, on Friday, March 13, 2020. IHSG is closed with 11,823 points (0.24 percent) to 4,907.571 rise after experiencing trading halt twice.(JP/Seto Wardhana)

The stock market has hit record lows this year, haunted by the impacts of the COVID-19 pandemic, although investors recently regained optimism. The Jakarta Composite Index (JCI), the main index at the Indonesia Stock Exchange (IDX), gained a modest 1.7 percent in 2019 to close the year at 6,299 on the backdrop of sluggish economic growth. The index was under selling pressure through most of January due to fears over the impact of the coronavirus outbreak in China. Meanwhile, the crackdown on stock pump-and-dump practices also pressured the market, after the investment mismanagement case of state-owned insurer PT Asuransi Jiwasraya unfolded, leading to the arrest of entrepreneurs Heru Hidayat and Benny Tjokrosaputro in mid-January. Following the arrests, the IDX temporarily halted trading in five businesses implicated in the investigation into the Jiwasraya case, including fis...