Don't Stay Silent JCI Drops, IDX Supports All Efforts That Increase Market Trust

JAKARTA - The Indonesia Stock Exchange (IDX) revealed that it will hold a meeting with all Self-Regulatory Organizations (SRO), the Financial Services Authority (OJK) and market players such as stock exchange members (AB), investment managers (MI) and other related parties to get input regarding what steps can be taken in the current situation.

IDX President Director Iman Rachman emphasized that his party did not remain silent in dealing with the current situation and would look for a solution that could be implemented and determine what steps could be taken.

"Of course we are not silent. We will see steps that can be taken. Next Monday, we will gather market participants. We are SRO, we have a role in this ecosystem, and we will discuss with the perpetrators what can be done," he told the media crew, Friday, February 28.

According to him, his party will support efforts that can increase market confidence, because the current conditions require good news to revive self-confidence in the market.

"What we can do, for example, whether we get input from the perpetrators, but whether it will have an impact on current conditions, conditions like this need good news, we will support so that market confidence will increase," said Iman.

On the same occasion, IDX Development Director Jeffrey Hendrik said that for retail investors, his party will also provide alternative choices of products, both derivatives and structured wargans.

Meanwhile, for institutional investors, the stock exchange will provide facilities to diversify.

"Diversification later could be carried out into gold ETF products, it was welcomed by institutional investors," he said.

In addition, Jeffrey said that previously during the Covid-19 pandemic and the market experienced instability or irregularities, his party took steps to stop short selling.

"If in a discussion that hopefully we will do it next week and it is agreed that market conditions include irregularities, then it is very possible that short selling services will be postponed," he said.

Meanwhile, Jeffrey explained that regarding foreign investors who still recorded net sales, his party routinely conducts roadshows to various countries to provide accurate and precise information about domestic market conditions.

According to him, this aims to make this information a reference for investors to invest in Indonesia again.

To note, the movement of the Composite Stock Price Index (JCI) closed at the level of 6,300.14, down 2.86 percent in today's session I trading, Friday, February 28 and experienced a significant decline of more than 7 percent in the past week.

Meanwhile, the total volume of shares traded was 9.19 billion shares with a transaction value of Rp7.42 trillion, and was transacted 690,178 times.

Furthermore, as many as 541 shares priced down, 79 stocks priced up and 158 other stocks priced stagnantly.