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Indonesian stocks plummeted to a level that resulted in a temporary trading halt as the number of infected cases by the coronavirus locally and globally increased significantly.
The Jakarta Composite Index plunged by 5%, ending its 2-day gain streak and triggering a 30-minute trading halt. The benchmark had previously soared by 15% in the past 2 days through Friday and was seen as the best performance since 1999. The rally benefitted after new measures had been implemented in a bid to soften the decline of a virus-hit economy raised market sentiment.
Asian stocks’ 4-day gains ended in a 1.8% decline as of 10:31 AM Jakarta time.
The number of infected cases confirmed in Indonesia surged to 1,285 with a death toll reaching 114 on Sunday.
According to the Indonesia Stock Exchange rules, trading could come to a 30-minute halt once again if the index were to hit the 10% level after the market reopens.