Jakarta. The Indonesia Stock Exchange will open its trading floor for just four hours every day starting next week in an attempt to reduce volatility in the country's financial market during the coronavirus pandemic. 

Starting next Monday, the bourse will open from 9 a.m. to 11.30 a.m. and from 1.30 p.m. to 3 p.m., two hours shorter than its normal opening times, the Financial Services Authority (OJK) said in a statement late on Tuesday.

The bourse was closed on Wednesday for Nyepi, the Hindu Day of Silence. 

"This policy is implemented to support the government's efforts in curbing the spread of Covid-19 and to harmonize policies in the financial services sector," the OJK said in the statement. 

The OJK also limited the over-the-counter bond trading (SPPA) period from 9 a.m to 3 p.m. and the securities reporting period from 9.30 a.m. to 3.30 p.m.

It has also asked the Indonesian Clearing and Guarantee Corporation (KPEI) and the Indonesian Central Securities Depository (KSEI) to adjust the settlement process period and other operational activities.

The OJK said the new policy was in line with changes in the schedule for operational activities and public services at Bank Indonesia, the country's central bank. 

The IDX's new opening times will last for the foreseeable future until the OJK lifts the restrictions. 

Indonesia's stock market has endured huge hits from the Covid-19 pandemic, which spooked foreign investors into panic selling.  

The Jakarta Composite Index has dived more than 37 percent this year, its worst performance since the global financial crisis in 2008.

Bank Indonesia said earlier that foreign investors had sold off Rp 9.2 trillion ($571 million) worth of holdings in listed local companies and Rp 112 trillion in government bonds.