IDX Suspends Krakatau Steel Shares Following 121% Rally
Jakarta. The Indonesia Stock Exchange (IDX) has temporarily suspended trading of state-owned steelmaker Krakatau Steel (KRAS) starting Monday morning, citing a sharp and unusual spike in the company’s share price over the past month.
The trading halt applies to both the regular and cash markets and will remain in effect until further notice, the IDX announced.
“As a form of investor protection, the IDX has deemed it necessary to suspend trading of Krakatau Steel shares on the regular and cash markets starting from the first trading session on July 7, 2025, until further announcement,” the bourse said in a statement.
KRAS shares jumped 16.3 percent on Friday to close at Rp 314, bringing their total one-month gain to a staggering 121.13 percent. The stock was previously suspended for one day on July 1 due to an earlier significant cumulative increase.
In response to the recent developments, Krakatau Steel is scheduled to hold a public expose on July 11 at the request of the IDX.
At the end of June, Krakatau Steel signed a memorandum of understanding with China’s Xiamen ITG Group Co Ltd and Dexin Steel Indonesia during the BRICS Innovation Base Industry Project Matchmaking Meeting in Beijing. According to the company, the strategic partnership outlines the potential for 12 industrial projects with a combined value exceeding 30 billion yuan (approximately $4.18 billion).
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