be closed, including in 1914-1918 the stock exchange was closed due to the occurrence of World War I. During World War II, the Stock Exchanges in Semarang and Surabaya had to be closed again in early 1939, and continued with the closing of the Stock Exchanges in Jakarta in 1942–1952. The transfer of power from the colonial government to the government of the Republic of Indonesia, and various conditions that caused the operation of the stock exchange to not run properly. Post-Colonial Era Old Order The Jakarta Stock Exchange was re-opened by President Sukarno on 3 June 1952. Until finally the existence of the Stock Exchange was again inactive when there was a nationalization program of Dutch companies in 1956 to 1977. The purpose of this re-opening of the stock exchange was to accommodate government bonds that had been issued in 1956, the previous year. The management of the stock exchange was then handed over to the money and securities trading union consisting of 3 banks and Bank Indonesia as honorary members. The development of this stock exchange is progressing well although the securities traded are generally bonds by Dutch companies and Indonesian government bonds through the Indonesian Development Bank. Through the State Industrial Bank in 1954, 1955 and 1958 bond sales increased. The occurrence of a power dispute between the Indonesian government and the Netherlands regarding West Irian meant that all Dutch businesses were nationalized through Act No. 86 of 1958. This dispute resulted in securities from the Netherlands no longer being traded on the Jakarta Stock Exchange New Order The Government of the Republic of Indonesia reactivated the capital market in 1977, the Stock Exchange was inaugurated by President Soeharto on 10 August 1977. JSE is run under BAPEPAM (Capital Market Executing Agency). The reactivation of the capital market was also marked by going public with PT Semen Cibinong as the first issuer. However, in 1977-1987 trading on the Stock Exchange was very sluggish. The number of issuers until 1987 only reached 24 issuers. At that time, people preferred banking instruments to capital market instruments. Finally, in 1987 the Stock Exchange was deregulated by presenting the December 1987 Package (PAKDES 87) which made it easier for companies to conduct Public Offerings and foreign investors to invest in Indonesia. Stock Exchange trading activities also increased in 1988-1990 after the deregulation package in the banking and capital markets was launched.