Indonesia's stock market suspended for 30 minutes after sharp opening drop

JAKARTA, April 9 (Xinhua) -- Indonesia's stock market temporarily halted trading for 30 minutes on Tuesday morning after the main index plunged 9.19 percent at the opening, following a long holiday for the Eid al-Fitr festival.

Trading was suspended from 09:00 to 09:30 a.m. local time in accordance with Indonesia Stock Exchange (IDX) regulations to maintain fair, orderly, and efficient trading. The halt was triggered automatically when the index fell more than 8 percent.

At the resumption of trading at 09:30, the main index fell further by 619.30 points or 9.51 percent to 5,891.32.

Meanwhile, the rupiah weakened 0.14 percent to 16,846 against the U.S. dollar at the opening.

IDX President Director Iman Rachman said the trading halt and market protections were implemented to provide investors with time to assess market conditions and ensure sufficient liquidity.

"These measures are taken to anticipate ongoing market dynamics and provide more protection and transparency for investors," Rachman said at a press conference.

He said that under current rules, a decline of 8 percent or more in the Composite Stock Price Index would trigger a 30-minute trading suspension. A further drop to 15 percent would prompt an additional 30-minute halt, and if the decline exceeds 20 percent, trading would be suspended for the rest of the day.

Additionally, a bottom auto-rejection rule would apply when stock prices in all ranges drop 15 percent.

The Indonesian stock market had been closed from March 28 to April 7 for the national holiday. ■