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ANT, Agus Sahbani, Robert Sidauruk
Indonesia’s business climate may remain sluggishness over the next few weeks as investors take a wait-and-see approach to the outcome of the presidential election dispute at the Constitutional Court.
The dispute arose just a few days after the General Election Commission announced the election result declaring Joko Widodo-Jusuf Kalla’s (Jokowi-JK) victorious over Prabowo Subianto-Hatta Rajasa (Prabowo-Hatta). Prabowo-Hatta refused to accept the result and instead chose to file an application at Constitutional Court aiming to overturn the election result.
This situation has unfortunately negatively impacted on investors in the capital markets who are concerned that there is no definite president-elect and that there is uncertainty as to the outcome of the Constitutional Court decision.
Irfan Noor Riza, Head of the Capital Market Information Center (PIPM) for the Yogyakarta Region, explained that in monitoring the lawsuit, investors are choosing to play it safe by practicing profit taking strategies through the sale of shares.
This safety play by investors resulted in a decline in the IDX Composite (IHSG) of 1% or 50.86 points on Wednesday when the first preliminary hearing of the lawsuit was held.
“Both national and local investors are profit taking while monitoring the situation at the Constitutional Court,” said Mr. Riza in Jakarta on Thursday.
Mr. Riza further explained that profit taking strategies are being taken as there is a concern among investors of a possible surprise decision by the Constitutional Court. PIPM recorded that the profit taking by investors has triggered a capital flight of approximately IDR 1 billion.
“Some of the investors are worried the lawsuit will become a prolonged matter, while others are confident enough that the lawsuit won’t overturn the election result,” informed Mr. Riza.
Lawsuit Error
In regard to the Prabowo-Hatta application, the panel of the judges at the Constitutional Court commenced their preliminary hearings on Wednesday. The panel ordered Prabowo-Hatta’s legal team to fix errors in their petition and simplify their lawsuit. One of the most critical errors highlighted by almost all members of the panel was the inconsistency between the petition and the claims/demands.
“The applicant must fix its petition and the demands of the lawsuit to make them consistent,” ordered Chief Justice Hamdan Zoelva.
Justice Ahmad Fadlil Sumadi expressed the view that Prabowo-Hatta’s demands were not supported by any substantial set of fact. This view was also shared by Justice Aswanto, who also ordered the Prabowo-Hatta legal team to include more concrete facts in their petition to support their demands.
One point raised, for instance, is that it requires more than just an indication to substantiate proof of alleged money politics during an election and claims must be supported with sufficient evidence.
“The request to annul the election must be supported with substantial arguments. Further, the applicant must not construct the same argument if the demand is something essentially different, namely an order from the court to repeat voting for the election in certain areas and re-count the ballots,” said Justice Sumadi.
(hot/kc)
Indonesia’s business climate may remain sluggishness over the next few weeks as investors take a wait-and-see approach to the outcome of the presidential election dispute at the Constitutional Court.The dispute arose just a few days after the General Election Commission announced the election result declaring Joko Widodo-Jusuf Kalla’s (Jokowi-JK) victorious over Prabowo Subianto-Hatta Rajasa (Prabowo-Hatta). Prabowo-Hatta refused to accept the result and instead chose to file an application at Constitutional Court aiming to overturn the election result.
This situation has unfortunately negatively impacted on investors in the capital markets who are concerned that there is no definite president-elect and that there is uncertainty as to the outcome of the Constitutional Court decision.
Irfan Noor Riza, Head of the Capital Market Information Center (PIPM) for the Yogyakarta Region, explained that in monitoring the lawsuit, investors are choosing to play it safe by practicing profit taking strategies through the sale of shares.
This safety play by investors resulted in a decline in the IDX Composite (IHSG) of 1% or 50.86 points on Wednesday when the first preliminary hearing of the lawsuit was held.
“Both national and local investors are profit taking while monitoring the situation at the Constitutional Court,” said Mr. Riza in Jakarta on Thursday.
Mr. Riza further explained that profit taking strategies are being taken as there is a concern among investors of a possible surprise decision by the Constitutional Court. PIPM recorded that the profit taking by investors has triggered a capital flight of approximately IDR 1 billion.
“Some of the investors are worried the lawsuit will become a prolonged matter, while others are confident enough that the lawsuit won’t overturn the election result,” informed Mr. Riza.
Lawsuit Error
In regard to the Prabowo-Hatta application, the panel of the judges at the Constitutional Court commenced their preliminary hearings on Wednesday. The panel ordered Prabowo-Hatta’s legal team to fix errors in their petition and simplify their lawsuit. One of the most critical errors highlighted by almost all members of the panel was the inconsistency between the petition and the claims/demands.
“The applicant must fix its petition and the demands of the lawsuit to make them consistent,” ordered Chief Justice Hamdan Zoelva.
Justice Ahmad Fadlil Sumadi expressed the view that Prabowo-Hatta’s demands were not supported by any substantial set of fact. This view was also shared by Justice Aswanto, who also ordered the Prabowo-Hatta legal team to include more concrete facts in their petition to support their demands.
One point raised, for instance, is that it requires more than just an indication to substantiate proof of alleged money politics during an election and claims must be supported with sufficient evidence.
“The request to annul the election must be supported with substantial arguments. Further, the applicant must not construct the same argument if the demand is something essentially different, namely an order from the court to repeat voting for the election in certain areas and re-count the ballots,” said Justice Sumadi.
(hot/kc)
ANT, Agus Sahbani, Robert Sidauruk
Indonesia’s business climate may remain sluggishness over the next few weeks as investors take a wait-and-see approach to the outcome of the presidential election dispute at the Constitutional Court.
The dispute arose just a few days after the General Election Commission announced the election result declaring Joko Widodo-Jusuf Kalla’s (Jokowi-JK) victorious over Prabowo Subianto-Hatta Rajasa (Prabowo-Hatta). Prabowo-Hatta refused to accept the result and instead chose to file an application at Constitutional Court aiming to overturn the election result.
This situation has unfortunately negatively impacted on investors in the capital markets who are concerned that there is no definite president-elect and that there is uncertainty as to the outcome of the Constitutional Court decision.
Irfan Noor Riza, Head of the Capital Market Information Center (PIPM) for the Yogyakarta Region, explained that in monitoring the lawsuit, investors are choosing to play it safe by practicing profit taking strategies through the sale of shares.
This safety play by investors resulted in a decline in the IDX Composite (IHSG) of 1% or 50.86 points on Wednesday when the first preliminary hearing of the lawsuit was held.
“Both national and local investors are profit taking while monitoring the situation at the Constitutional Court,” said Mr. Riza in Jakarta on Thursday.
Mr. Riza further explained that profit taking strategies are being taken as there is a concern among investors of a possible surprise decision by the Constitutional Court. PIPM recorded that the profit taking by investors has triggered a capital flight of approximately IDR 1 billion.
“Some of the investors are worried the lawsuit will become a prolonged matter, while others are confident enough that the lawsuit won’t overturn the election result,” informed Mr. Riza.
Lawsuit Error
In regard to the Prabowo-Hatta application, the panel of the judges at the Constitutional Court commenced their preliminary hearings on Wednesday. The panel ordered Prabowo-Hatta’s legal team to fix errors in their petition and simplify their lawsuit. One of the most critical errors highlighted by almost all members of the panel was the inconsistency between the petition and the claims/demands.
“The applicant must fix its petition and the demands of the lawsuit to make them consistent,” ordered Chief Justice Hamdan Zoelva.
Justice Ahmad Fadlil Sumadi expressed the view that Prabowo-Hatta’s demands were not supported by any substantial set of fact. This view was also shared by Justice Aswanto, who also ordered the Prabowo-Hatta legal team to include more concrete facts in their petition to support their demands.
One point raised, for instance, is that it requires more than just an indication to substantiate proof of alleged money politics during an election and claims must be supported with sufficient evidence.
“The request to annul the election must be supported with substantial arguments. Further, the applicant must not construct the same argument if the demand is something essentially different, namely an order from the court to repeat voting for the election in certain areas and re-count the ballots,” said Justice Sumadi.
(hot/kc)
Indonesia’s business climate may remain sluggishness over the next few weeks as investors take a wait-and-see approach to the outcome of the presidential election dispute at the Constitutional Court.The dispute arose just a few days after the General Election Commission announced the election result declaring Joko Widodo-Jusuf Kalla’s (Jokowi-JK) victorious over Prabowo Subianto-Hatta Rajasa (Prabowo-Hatta). Prabowo-Hatta refused to accept the result and instead chose to file an application at Constitutional Court aiming to overturn the election result.
This situation has unfortunately negatively impacted on investors in the capital markets who are concerned that there is no definite president-elect and that there is uncertainty as to the outcome of the Constitutional Court decision.
Irfan Noor Riza, Head of the Capital Market Information Center (PIPM) for the Yogyakarta Region, explained that in monitoring the lawsuit, investors are choosing to play it safe by practicing profit taking strategies through the sale of shares.
This safety play by investors resulted in a decline in the IDX Composite (IHSG) of 1% or 50.86 points on Wednesday when the first preliminary hearing of the lawsuit was held.
“Both national and local investors are profit taking while monitoring the situation at the Constitutional Court,” said Mr. Riza in Jakarta on Thursday.
Mr. Riza further explained that profit taking strategies are being taken as there is a concern among investors of a possible surprise decision by the Constitutional Court. PIPM recorded that the profit taking by investors has triggered a capital flight of approximately IDR 1 billion.
“Some of the investors are worried the lawsuit will become a prolonged matter, while others are confident enough that the lawsuit won’t overturn the election result,” informed Mr. Riza.
Lawsuit Error
In regard to the Prabowo-Hatta application, the panel of the judges at the Constitutional Court commenced their preliminary hearings on Wednesday. The panel ordered Prabowo-Hatta’s legal team to fix errors in their petition and simplify their lawsuit. One of the most critical errors highlighted by almost all members of the panel was the inconsistency between the petition and the claims/demands.
“The applicant must fix its petition and the demands of the lawsuit to make them consistent,” ordered Chief Justice Hamdan Zoelva.
Justice Ahmad Fadlil Sumadi expressed the view that Prabowo-Hatta’s demands were not supported by any substantial set of fact. This view was also shared by Justice Aswanto, who also ordered the Prabowo-Hatta legal team to include more concrete facts in their petition to support their demands.
One point raised, for instance, is that it requires more than just an indication to substantiate proof of alleged money politics during an election and claims must be supported with sufficient evidence.
“The request to annul the election must be supported with substantial arguments. Further, the applicant must not construct the same argument if the demand is something essentially different, namely an order from the court to repeat voting for the election in certain areas and re-count the ballots,” said Justice Sumadi.
(hot/kc)