Mudik Restriction’s Mark on IHSG

Since the government officially announced the first entry of COVID-19 into Indonesia, the government has implemented several policies to reduce the spread of COVID-19, including PSBB (Pembatasan Sosial Berskala Besar). PSBB restricts certain activities of residents in areas suspected of being infected by the coronavirus to prevent further spread of coronavirus and then PPKM (Penerapan Pembatasan Kegiatan Masyarakat), namely the application of restrictions on community activities enforced in parts of Java Bali. From January 11 to 25, 2021, PPKM replaced the term PSBB in Java and Bali. In 2020, the government banned Mudik through Ministerial Regulation Number 25 of 2020. As a follow-up measure to the Mudik ban in 2020, the government said through the Ministry of Transport's spokesperson, Adita Irawat: "The arrangement is a temporary ban on the use of transportation for Mudik activities during the Lebaran period in 2020." The regulation applies to air, sea, land, and rail transportation, especially private vehicles or public transit that carry passengers. This year, the government also issued the same regulations, banning Eid Al-Fitr Mudik through Ministerial Regulation Number 13 of 2021 (on the prevention of transportation of COVID-19 during the Eid Al-Fitr 1442 Hijri period). According to these regulations, the ban on mudik will take effect from May 6 to 17, 2021. These rules are almost the same as last year, but this year there are more guard stations, and the sanctions are more rigid, such as being told to turn around, fines or even cancellation of their driving license. As a result, some companies' revenues related to transportation and tourism have also stagnated, as in some companies' revised financial reports in the second quarter of 2020.

Prior to the COVID-19 outbreak, transportation and auto