Indonesian Stocks Plunge 5%, Triggering Circuit Breaker
Bloomberg
Published Mar 29, 2020 11:32PM ET
Updated Mar 29, 2020 11:45PM ET
Indonesian Stocks Plunge 5%, Triggering Circuit Breaker
(Bloomberg) -- Indonesian stocks plunged to a level that triggered trading halt, as the number of Covid-19 cases surge domestically and globally.
The Jakarta Composite Index dropped 5%, snapping a two-day winning streak and setting off a 30-minute trading halt. The benchmark gauge soared 15% in two days through Friday, the best gain since 1999 as investors bet that various measures to prop up the global economy will help prevent further downside in financial markets. Asian stocks ended a four-day advance to decline 1.8% as of 10:31 a.m. Jakarta time.
The number of fatalities in Indonesia increased to 114 on Sunday -- the most in Southeast Asia, with total confirmed cases at 1,285. Global coronavirus cases climbed above 720,000 and a top scientist suggested that deaths in the U.S. may reach 200,000, leading equities and oil prices to fall.
Trading can be halted again for another 30 minutes if the index hits the 10% circuit breaker after market reopens, according to Indonesia Stock Exchange rules.
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Written By: Bloomberg
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