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The novel coronavirus outbreak will weigh down private spending and weaken the external sector amid disruptions to the trade of goods and services, Fitch Solutions wrote.
The main gauge, the Jakarta Compoiste Index (JCI), nosedived 5.01 percent a mere 37 minutes after it opened at 9 a.m. in Jakarta to 4,113.65, a level unseen since August 2012.
The index has dropped more than 1 percent as of 10:48 a.m. in Jakarta, with 232 stocks down, 82 stagnate and 91 still managing to book gains.
Bareksa had accumulated more than Rp 2 trillion (US$132.6 million) in AUM by March 15.
As of 10:04 a.m. in Jakarta, the main gauge widened its loss and fell 4.09 percent, moving closer to the Indonesia Stock Exchange (IDX) circuit breaker limit of a 5 percent fall.
The JCI concluded its trading on Monday at 4,690.06, a level unseen since January 2016. The Indonesia Stock Exchange’s (IDX) main gauge has fallen 25.54 percent so far this year.
Indonesian stocks started Monday down 2.7 percent, while the rupiah fell to Rp 14,865 against the US dollar.
The Jakarta Composite Index (JCI) closed Friday’s session 0.24 percent higher at 4,907.57 despite hitting circuit breaker in early trading.
The rout on markets around the world has hit Indonesian shores, with the rupiah falling to 14,820 against the US dollar around noon today.
The JCI fell 17.12 percent so far this year with foreign investors dumping out Rp 7.12 trillion (US$497.37 million) worth of stocks more than they bought.