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Compiled by the Government Communication and Information System Date: 10 Oct 2008 Title: Global financial crisis affects Indonesia's stock market -------------------- Jakarta - Indonesian Finance Minister Sri Mulyani and House of Representatives Speaker Agung Laksono met on Friday to discuss the latest developments in the on-going global financial crisis that had affected transactions in the stock market at home. During the closed-door meeting which lasted for 45 minutes, the minister explained the latest developments, including the government's decision to continue the suspension of trading activities at the Indonesian Stock Exchange (BEI). Trading on the BEI was suspended on Wednesday and Thursday as the market became irrational causing the main index to plummet more than 10 percent by mid-morning on Wednesday. The BEI authority was compelled to suspend trading in the bourse's first session again on Friday morning because of a worsening of conditions in global stock markets. The finance minister after the meeting said the stock market at home was still reeling under pressures from the regional and international financial situation. "We hope that the people will remain calm," she said. On the suspension of trading activities in the BEI until Friday, the minister said that the decision was taken after the government took a look at developments in regional and international bourses on Friday morning. She said that the government would continue to monitor and carry out evaluations every time on the developments of regional and international stock markets. The finance ministry would continue to consult the House of Representatives on the developments and evaluate the global financial crisis. The BEI authority decided to shut share trading in the first session at 11:08 am. On Wednesday because the composite index had tumbled to 168.052 points or 10.38 percent to the level of 1 451 669 or the lowest level since September 2006. Thursday through Friday morning trading was closed after the Dow Jones index at the New York Stock Exchange had dropped 678.91 points to 8.579.19 points, or to the lowest level since 2003. - BuaNews-Xinhua |
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