Skip to comments.Indonesia: Stock Trading Frozen(indefinitely) To Prevent Panic(Should US market follow suit?)
Posted on 10/09/2008 9:38:22 PM PDT by maccaca
JAKARTA, INDONESIA: Indonesian stock trading was frozen indefinitely Friday (10 Oct) to "avoid deeper panic" as global markets plunged over concerns stemming from the U.S. financial crisis, the bourse president said.
A suspension was imposed on the Jakarta Stock Exchange on Wednesday in response to sudden, steep loses, but authorities had planned to resume trading Friday morning.
The last-minute reversal came just minutes before the scheduled reopening in Jakarta as Asian stocks tumbled again in response to a whopping 7.3% decline of the Dow Jones Industrials Average. In Tokyo, Japan's main index sank more than 10% Friday morning.
"The situation is not yet conducive. This is to prevent deeper panic," bourse President Erry Firmansyah told The Associated Press. "It will be closed indefinitely while we will continue to monitor."
Heavy selling by foreign investors drove down the benchmark JSX index 21% this week and it is down 47% this year, making it one of the worst performers in Asia.
On Thursday, the Indonesian government and Bank Indonesia took steps aimed at boosting liquidity and averting a credit crunch. That came after an ill-timed hike in interest rates on Tuesday (7 Oct) to fight inflation.
It will only delay the inevitable.
I want my money!!
I sense George Soros is driving the markets down.
This is hugh and series.
Look for a Carl Rove connection...
I sure hope my cash is worth something so that I can buy bargains when this crash bottoms out.
At least it’s Friday. Perhaps the weekend will cool some heads.
Obama, your native land needs you!;)
what the hell are you ranting about ?
I just listened to Jimmie Rodgers on CNBC Asia...the guy has lost his mind....saying hyperinflation is around the corner..... judging from all the marked down food at the supermarket tonight, I would say deflation is around the corner.
There is no way one man like Soros could cause this.
There are dozens of trillions in wealth, he controls just a tiny portion of that, not enough to move markets.
Ride it out, this will come out in America’s favor. It seems apparent that the world bought America’s debt. A strong military indeed...
Greed is the factor.
HANG SENG INDEX 14,821.93 -1,121.31 -7.03% 00:35
S&P/ASX 200 INDEX 4,022.50 -298.40 -6.91% 00:52
Oh man... shutting down the exchanges should be done for only very good reasons. The Treasury, Fed and POTUS better have a very, very good idea of what they want to accomplish with this move before they do it, and they should be able to explain the problem and why this would help solve it.
If this is done because we simply don’t like the fact that stocks are going down... it will cost us 100 years of credibility. Literally.
The last time the market was shut down for 15+ weeks was July 1914, at the behest of President Wilson.
Soro’s screwed them before and now he is doing to us. When will somwbody convict this guy. He is a cancer on the US and the World.
Why has nobody gone after him. You know he is not clean.
That's because they haven't done anything yet except get permission to do something.
First "actually doing something" will be next week.
That was an old joke dummy...
“Should US market follow suit?”
No, I’m not done buying yet!
Caution... remember you quoted him as saying "around the corner."
As I see it, the circumstances are as follows... governmental manipulation leads to financial crisis which leads to massive dislocation of assets... which leads to deep recession if not depression, which leads to additional massive government intervention, which cannot be paid for by taxation or borrowing... this leaves only one alternative... crank up the presses...
Net result... as a Hong Kong stockbroker told me on October 20th 1987, when I arrived there from Tokyo..."IT IS DISASTAH, IT IS DISASTAH..."