ID :
23256
Wed, 10/08/2008 - 15:27
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Shortlink :
http://m.oananews.org//node/23256
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STATE ENTERPRISE MINISTER HAILS TRADING SUSPENSION AT RI'S STOCK MARKET
Jakarta, Oct. 8 (ANTARA) - State Enterprise Minister Sofyan Djalil has hailed the decision of the Indonesian Stock Exchange to suspend trading on Wednesday.
"I think it's the right measure to prevent further fall," Minister Djalil said in his office here on Wednesday.
In the first session of stock trading at the Indonesian Stock Market (BEI), the Composite Stock Price Index (IHSG) dropped by 10.38 percent or 168.052 points to 1,451.669.
The index is the lowest since September 2006.
Minister Djalil, who is concurrently acting finance minister, said the trading suspension was expected to prevent investors or market players from panicking.
"In fact, the stock transaction when it was suspended was not much, but it could prevent grave panic (in the stock market)," he said.
He also said that the decision to suspend the stock trading was in accordance with the prevailing regulation and based on market consideration.
"Whether the trading will be reopened later today or tomorrow, it's up to the stock market authorities," he said.
"The suspension will make investors think, because the fall is not normal. In other stock markets, the index fell by two to four percent only, while IHSG plunged abnormally," he said.
Prior to the trading suspension, the stock share transaction was recorded at 27,494 times with a volume of 1.129 billion shares, 171 stocks were down, six up, and nine stagnant.
The Indonesian Stock Exchange (BEI) suspended trading here on Wednesday over concern of a significant Composite Index fall of 10.38 percent.
"Yes, the trading is suspended," BEI President Director Erry Firmansyah told ANTARA here early Wednesday.
BEI decided to suspend trading at 11.06 am local time as the Composite Stock Price Index (IHSG) dropped 168.052 points to 1,451.668 and LQ45 index was corrected by 38.261 points or 11.86 percent to 284.236 position.
The fall of the BEI Index followed a similar trend in global and regional stock markets being affected by the US financial crisis.
"I think it's the right measure to prevent further fall," Minister Djalil said in his office here on Wednesday.
In the first session of stock trading at the Indonesian Stock Market (BEI), the Composite Stock Price Index (IHSG) dropped by 10.38 percent or 168.052 points to 1,451.669.
The index is the lowest since September 2006.
Minister Djalil, who is concurrently acting finance minister, said the trading suspension was expected to prevent investors or market players from panicking.
"In fact, the stock transaction when it was suspended was not much, but it could prevent grave panic (in the stock market)," he said.
He also said that the decision to suspend the stock trading was in accordance with the prevailing regulation and based on market consideration.
"Whether the trading will be reopened later today or tomorrow, it's up to the stock market authorities," he said.
"The suspension will make investors think, because the fall is not normal. In other stock markets, the index fell by two to four percent only, while IHSG plunged abnormally," he said.
Prior to the trading suspension, the stock share transaction was recorded at 27,494 times with a volume of 1.129 billion shares, 171 stocks were down, six up, and nine stagnant.
The Indonesian Stock Exchange (BEI) suspended trading here on Wednesday over concern of a significant Composite Index fall of 10.38 percent.
"Yes, the trading is suspended," BEI President Director Erry Firmansyah told ANTARA here early Wednesday.
BEI decided to suspend trading at 11.06 am local time as the Composite Stock Price Index (IHSG) dropped 168.052 points to 1,451.668 and LQ45 index was corrected by 38.261 points or 11.86 percent to 284.236 position.
The fall of the BEI Index followed a similar trend in global and regional stock markets being affected by the US financial crisis.
