IHSG trading halt is not the first, here is a list of previous events

Bittime - On Tuesday, March 18 2025, the Composite Stock Price Index (IHSG) fell by 5 percent before finally closing with a decline of 6,076 points. This condition forced the Indonesian Stock Exchange (BEI) to halt trading for 30 minutes to reduce market turmoil.

1998 Monetary Crisis

The monetary crisis that hit Indonesia in 1998 was one of the biggest economic events. According to the IMF, Indonesia's economic growth fell 13 percent due to the exchange rate crisis in Thailand which spread to Indonesia. The Rupiah depreciated sharply from IDR 4,850 to IDR 17,000 per US dollar. As a result, the JCI fell by 398.04 points, and this crisis contributed to the ouster of President Soeharto.

Read also: Bitcoin Vs Gold Investment in 2025: Which Makes More Money?

Impact of the COVID-19 Pandemic on IHSG

When President Joko Widodo announced the first case of COVID-19 in March 2020, capital markets were in turmoil. IDX prohibits the practice of short selling in order to maintain market stability. In mid-March 2020, the JCI fell 6.58 percent — the deepest daily decline in 8.5 years. IDX also decided on a trading halt policy if the JCI fell more than 5 percent and implemented asymmetric auto rejection.

IHSG 2025: Internal and External Factors

BEI Chairman Iman Rachman explained that the weakening of the JCI this time was caused by external factors such as global uncertainty as well as internal factors in the form of the country's deficit which reached 30 percent. This causes greater debt issuance and weakening of the rupiah.

Pilarmas Investindo Sekuritas Associate Director, Maximilianus Nicodemus, added that the decline in tax revenues of up to 30 percent in early 2025 was one of the reasons why investors shifted their investments to safer instruments such as bonds.

Conclusion

IHSG trading halt is not a new event. From the 1998 crisis to the COVID-19 pandemic and the market turmoil of 2025, everything shows the importance of investors' caution and understanding of macro and micro economic factors.

FAQ 

What is a trading halt?

Trading halt is a temporary suspension of stock trading to prevent market panic.

When will trading halt take place?

If the JCI falls more than 5 percent in one day.

Are trading halts effective?

Yes, a trading halt can give investors time to analyze the situation and reduce volatility.

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Reference

Time, IHSG Trading Halt: How Does the Situation Compare to 1998 Crisis and COVID-19 Pandemic?, accessed March 19, 2025.

Author: MF