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Indonesia keeps its bourse closed as Wall Street dives


October 10, 2008

Indonesia keeps its bourse closed as Wall Street dives
Less than 24 hours after deciding to reopen its stock market, suspended since Wednesday, Indonesia on Friday canceled the plan following the overnight dive on Wall Street and other regional markets, reported Kyodo news.

Friderica Widyasari Dewi, corporate secretary of the Indonesia Stock Exchange, said it was decided at 9am to indefinitely suspend trading, at least for the first session of the day.

Later, in an interview with the Jakarta-based private television network TVOne, the bourse's President Erry Firmansyah said the decision to cancel the bourse's reopening was taken to protect and stabilize the market.

"We are monitoring the situation second-by-second and a decision on whether the market will be reopened on today's second session will be decided before the session starts," he added.

Finance Minister Sri Mulyani said in announcing the canceled decision to reopen the stock market that the government will take legal action against anybody suspected of committing economic irregularities deemed as criminal acts in the last three months.

"We have identified that some people have spread rumors or certain actions that created unfavorable sentiment in the market, which will eventually endanger the national economy," she said.

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