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).
Tags: Keywords:Related Articles
JCI Sinks 1.72% on Fed Uncertainty, Domestic Policy Worries
JCI fell 1.72% as investors reacted to Fed rate expectations, a regional market selloff, and concerns over Indonesia's investment climate.
Indonesia Keeps MSCI EM Status, but Isn't Out of the Woods Yet
Indonesia retained its status as an MSCI Emerging Market but investors remain concerned about market transparency.
JCI Rebounds Above 6,000 as Lower Oil Prices Lift Sentiment
JCI rebounded above 6,000 as lower oil prices and a stronger rupiah lifted sentiment despite renewed higher-for-longer Fed concerns.
JCI Jumps Nearly 2% as Global Optimism, Stimulus Lift Market
JCI climbed 1.96% to 5,999 on Thursday as easing US-Iran tensions and a Rp 26.34 trillion stimulus package lifted sentiment.
JCI Opens Lower as Indonesia's Competitiveness Slide Weighs on Sentiment
JCI opened 0.17% lower as investors weighed Indonesia's competitiveness ranking drop and mixed cues from Wall Street.
Foreign Outflows From Indonesian Equities Top Rp 70 Trillion This Year
Foreign investors continued to exit Indonesian stocks as market reforms weighed on sentiment.
JCI Falls 3.56% as MSCI Warns Indonesia Could Face Market Downgrade
JCI fell 3.56% to 5,883 after MSCI warned Indonesia could face a Frontier Market downgrade if reforms stall by November.
MSCI Gives Indonesia Until November to Address Market Transparency Concerns
If sufficient progress is not evident by the November 2026 MSCI Index Review, Indonesia could be downgraded to the Frontier Markets.
Indonesian Stocks Climb as MSCI Defers Frontier Market Decision
Stocks gained as MSCI retained Indonesia's EM status while flagging persistent concerns over market investability.
Indonesia Stocks Extend Losses on MSCI, Manufacturing Concerns
JCI fell 0.25% as investors awaited MSCI's decision on Indonesia and monitored developments in US-Iran negotiations.The Latest
Finance Minister Says Prabowo’s Free Meals Program Can Be Cut Even More
Indonesia may further cut spending on Prabowo’s free meals program as authorities tighten oversight and tackle inefficiencies.
Prabowo Orders Tough Action After Woman Allegedly Tortured for Years by Boyfriend
A woman missing for nearly three years was found critically injured, prompting national outrage and a presidential response.
KPK Investigates ‘Click Fee’ Scheme in Bali Immigration Offices
KPK is probing alleged ‘click fees’ paid to process visas and residence permits for foreigners in Bali.
Take Me Down to Jakarta City: Guns N' Roses Returns in 2026
Guns N' Roses will return to Jakarta in 2026, with an intimate stadium concert as part of the band's world tour.
Investor Daily Marks Silver Jubilee While Defying Global Decline of Print Media
Investor Daily marked its 25th anniversary after successfully evolving from a print newspaper into a multimedia business news platform.Most Popular
