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March 18, 2025 | 04:57 pm
TEMPO.CO, Jakarta - Chairperson of the Indonesia Stock Exchange (IDX), Iman Rachman, has explained that the sharp decline in the Composite Stock Price Index (IHSG) was attributed to both internal and external factors. While acknowledging the substantial drop in the IHSG as unusual, he urged the market to consider the broader context.
"There are several global factors contributing, including global economic uncertainty. Currently, many investors are still in a 'wait and see' mode," said Iman during a press conference held at the IDX Building in South Jakarta on Tuesday, March 18, 2025.
He did not deny that domestic factors also played a role in the significant decrease in the IHSG. However, Iman refrained from specifically detailing whether the decline stemmed from government policies, such as the directive for state-owned banks to finance 3 million housing units or other related initiatives.
He emphasized that the fundamental performance of companies listed on the IDX remains robust. Reviewing the 2024 financial reports, he noted that the majority of companies showed improvements compared to 2023.
"So, what is happening now is more about the sentiments and investors' perceptions of the Indonesian macroeconomic conditions," he clarified.
On Tuesday, March 18, 2025, Indonesian stocks experienced substantial selling pressure, reaching the 5 percent lower limit. This triggered a temporary trading halt at 11:19:31 Jakarta Automated Trading System (JATS) time.
The IDX Corporate Secretary, Kautsar Primadi Nurahmad, explained that the temporary trading halt was implemented in accordance with the Board of Directors' Decision Letter of BEI No. Kep-00024/BEI/03-2020, which outlines the mechanism for managing trading continuity during emergency situations at the Exchange.
As per BEI's policy, the trading system was reopened after a 30-minute interval, at 11:49:31 JATS time, without altering the established trading schedule. This measure was taken to provide market participants with time to assess the prevailing conditions and ensure trading stability.
As of this report, the specific primary catalyst for the selling pressure that weakened the IHSG remains undisclosed.
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