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The benchmark Jakarta Composite Index lost 2.5 percent while the rupiah dropped as much as 0.37 percent to 16,888 per dollar, its lowest since January 22 and down 1 percent for the year.
The Indonesia Stock Exchange (IDX) imposed a 30-minute trading halt on Tuesday from 11:19 a.m. to 11:49 a.m.
Equities struggled Wednesday after a brief respite from last week's painful rout across world markets, with recession fears continuing to build as central banks hike interest rates to combat decades-high inflation.
Between positive sentiment in foreign markets on the one hand and concern over domestic economic growth on the other, Indonesian stocks are expected to make no major moves this week.
The Indonesia Stock Exchange’s (IDX) main gauge fell by 2.04 percent not long after the market’s opening on Monday, before rebounding and increasing by 2.75 percent.
Shares in Jakarta slipped 1.6 percent and the rupiah dipped 0.34 percent.
The Jakarta Composite Index (JCI), the main gauge of the Indonesia Stock Exchange (IDX), had already increased 4.71 percent to 6,428.59 since the beginning of January.
Over the full year of 2020, the JCI lost 5.09 percent despite gaining 21.18 percent in the last three months.
The bourse recorded a foreign net sell of Rp 47.74 trillion as of Dec. 23.
Foreign investors at the local bourse recorded a net sell of Rp 47.05 trillion (US$3.34 billion) so far this year.