Speaking to the media in Jakarta, Rachman said his resignation came despite an improvement in market conditions on Friday morning.
The Jakarta Composite Index opened 88.88 points, or 1.08 percent, higher at 8,321.08 on Friday.
However, during the first trading session at 9:26 a.m. local time on Thursday, the benchmark index fell 665.89 points, or 8.00 percent, to 7,654.66, prompting the IDX to temporarily halt trading.
On Wednesday morning, the index had opened down 597.75 points, or 6.66 percent, at 8,382.48.
“Although conditions improved this morning, I want to state, and there will be no questions, that as President Director of the Indonesia Stock Exchange, and as a form of responsibility for what happened over the past two days, I am resigning from my position,” Rachman said.
Despite stepping down, he expressed hope that Indonesia’s capital market would perform better going forward.
“I hope this decision is in the best interest of the capital market, and that my resignation will help improve market conditions,” he said, adding that he hoped the index’s rebound would continue in the coming days.
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Translator: Muhammad Heriyanto, Kuntum Khaira
Editor: Azis Kurmala
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