JCI went into an eight-year low, while the rupiah exchange rate approached Rp 17,000 per US dollar.
The government has prepared a worst-case scenario if the Covid-19 pandemic is not contained within the next six months.
Bank Indonesia will likely cut its benchmark interest rate by 25 bps to 4.5 percent.
Investors concerned over possible deteriorating Indonesia's financial and economic market conditions due to the coronavirus.
The price fluctuation and drop of production would lessen the state revenue.
The economic stimulus that was disbursed to withstand the impact of Covid-19 has widened the state budget deficit to 2.5 percent of GDP.
IDX moves to halt trading as the Jakarta Composite Index dropped five percent was unable to stem the downward trend.
All fiscal incentives will begin to be applied this month and next April as a short-term policy scenario.
Bank Indonesia, together with the Financial Services Authority (OJK) and the government, took a series of steps to anticipate the weakening in the capital market.
Indonesia’s benchmark stock index and other Asian stocks plunged deeper as oil prices plummeted.