Meltdown memories grip Asean stocks as Indonesia slides

The Indonesia Stock Exchange (IDX) halted trading at 10.36am Jakarta time on Thursday as the Jakarta Composite Index (JCI) shed 257.5 points to 4,891.88 just two hours after the opening bell. - Reuters -

SINGAPORE: A crash in Indonesian stocks is evoking memories of market meltdowns in Southeast Asia in the depth of the March swoon.

Regional shares have slipped after Jakarta’s surprise return to a lockdown sent Indonesian stocks 5% lower on Thursday before triggering a brief trading halt.

The volatility continued on Friday as the Jakarta Composite Index erased a loss of as much as 2.8% within first 20 minutes of trading. Some market participants are worried that such a move can further spook foreign funds who have been selling Asean stocks at an exceptional pace.