JCI Free Falls, Value Economists Due To Bad State Budget And Unrealistic Government Policy

Illustration (Photo: Doc. ANTARA)

JAKARTA Economist at Paramadina University Wijayanto Samirin revealed that there were several issues that caused the movement of the Composite Stock Price Index (JCI) to worsen, namely, the results of the February State Budget were poor and heavy fiscal projections in 2025, and government policies were considered unrealistic and without clear technocracy.

"As a result of the bad February State Budget and heavy fiscal outlook in 2025. As a result of the Government's unrealistic policy and without clear technology," he said in his statement, Tuesday, March 18.

Wijayanto added that there are also other factors such as various mega corruption issues that undermine public trust, concerns regarding the ABRI's Dwi Function that could cause major protests, as well as concerns about a decline in Indonesia's credit rating to be announced by Fitch and Moody's in March-April, and by S&P in June-July.

According to him, these issues make investors careful, causing fear among investors.

In addition, Wijayanto said that the government is also considered not friendly to the business world and tends to be a top-down.

"The government is also considered not to be business friendly. Top down," he said.

For information, the movement of the Composite Stock Price Index (JCI) is currently at the level of 6,076.08, down 6.12 percent at the close of trading session I, Tuesday, March 18.

Previously, PT Bursa Efek Indonesia (IDX) decided to freeze trading temporarily on the trading system at 11:31 p.m. Jakarta Automated Trading System (JATS) time.

"We inform you that today, Tuesday, March 18, 2025, there has been a temporary suspension of trading (trading stop) trading system on PT Bursa Efek Indonesia (IDX) at 11:19:31 p.m. Jakarta Automated Trading System (JATS) time," he wrote in an official statement from the Indonesia Stock Exchange, Tuesday, March 18.

As for the statement of the letter, it was explained that this freeze was triggered by a decrease in the Composite Stock Price Index (JCI) which reached 5 percent.

In addition, this step was taken in accordance with the IDX's Board of Directors Decree Number: Kep-00024/IDX/03-2020 dated March 10, 2020 regarding Changes in the Guidelines for Trading Sustainability on the Indonesia Stock Exchange in Emergency Conditions.

"This is done in accordance with the IDX's Board of Directors Decree Number: Kep-00024/BEI/03-2020 dated March 10, 2020 regarding Changes in the Guidelines for Trading Sustainability on the Indonesia Stock Exchange in Emergency Conditions," he wrote.

The trade will continue at 11:49:31 WIB without any changes in the trading schedule.