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.