Indonesia Defers Short-Selling Amid High Stock Volatility
(Bloomberg) -- Indonesia's financial regulator will defer short-selling of stocks by investors amid heightened volatility in the nation's equity markets.
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The nation may delay implementing short-selling to later this year, depending on market volatility, said Inarno Djajadi, head of capital markets supervision at the Indonesia Financial Services Authority. Regulators will also review allowing share buybacks without a shareholder meeting, he said.
Indonesia initially planned to introduce short-selling in the second quarter this year. The decision to defer it came after the regulators held a meeting with brokers and fund managers on Monday to discuss recent market conditions as local equities sank into bear market last week before bouncing back on Monday.
The local stock exchange, known as IDX, was planning to allow domestic retail investors to short-sell 10 stocks to increase options for investors during bearish markets, its development director Jeffrey Hendrik said last month.
The recent selloff in Indonesia sent the benchmark Jakarta Composite Index into a technical bear market Friday as negative sentiment from global trade tensions, flat economic growth and the government's spending plans weighed on the market.
The gauge surged 4% Monday, its biggest gain in almost five years, as banking stocks rallied after JPMorgan upgraded some of the nation's lenders.
--With assistance from Tassia Sipahutar.
(Updates with regulator's comments in second paragraph.)
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