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March 18, 2025 | 05:40 pm
TEMPO.CO, Jakarta - The Financial Services Authority (OJK) is preparing to introduce a new policy in response to recent market turbulence. Inarno Djajadi, Chief Executive of Capital Market Supervision, Derivative Finance, and the Carbon Exchange at OJK, announced that the policy will be unveiled on Wednesday, March 19, 2025, at 10:00 AM.
"We have formulated several policies to address the current market conditions. If all goes well, we will announce one of them tomorrow," Inarno stated during a press conference at the Indonesia Stock Exchange (IDX) in South Jakarta on Tuesday, March 18, 2025.
He also noted that the House of Representatives fully supports OJK’s efforts to maintain market stability.
The announcement follows mounting pressure on the Composite Stock Price Index (IHSG). During today’s trading, the IHSG dropped to its 5 percent lower limit, triggering the IDX's trading halt mechanism at 11:19:31 Jakarta Automated Trading System (JATS) time.
The temporary suspension was implemented per the IDX Board of Directors' Decision Letter Number: Kep-00024/BEI/03-2020, outlining emergency trading procedures.
IDX Corporate Secretary, Kautsar Primadi Nurahmad, explained that the trading system was reopened after 30 minutes, precisely at 11:49:31 JATS time, without any schedule changes.
This step aims to provide time for market participants to respond to the situation more calmly and prevent excessive selling actions.
The Chairperson of the IDX Iman Rachman explained that the IHSG decline was due to internal and external factors. Although the significant decline in IHSG was considered unusual, he requested the market to view it in a broader context.
"There are several global factors contributing, including global economic uncertainty. At present, many investors are still adopting a wait-and-see approach," said Iman in the same press conference.
However, he acknowledged that the sharp decline in IHSG was also influenced by domestic factors. Yet, Iman did not specify whether the drop was linked to government policies, such as the directive for state-owned banks to finance three million housing units or other measures.
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