The Jakarta Composite Index (JCI) achieved an all-time high (ATH) during the first trading session on Monday, November 16, surging by 63.76 points or 0.76% to reach the 8,434 level. This remarkable performance underscored a vibrant start to the week for the Indonesian stock market.
Data from the Indonesia Stock Exchange (IDX) revealed robust trading activity, with today’s stock transaction value reaching an impressive Rp 11.02 trillion. This was driven by a substantial volume of 23.17 billion shares exchanged across 1.63 million trading frequencies. The market breadth was largely positive, as 344 stocks strengthened, 274 experienced corrections, and 195 remained unchanged. Consequently, the JCI’s market capitalization expanded significantly to Rp 15,440 trillion in the first session.
A standout performer amidst the JCI’s rally was PT Krakatau Steel Tbk (KRAS), whose shares soared by 10.05% to Rp 416, pushing its market capitalization to Rp 8.05 trillion. This significant price surge is closely tied to a pivotal corporate event: an Extraordinary General Meeting of Shareholders (EGM) scheduled for December 23, 2025. The company’s recent performance has been nothing short of spectacular, with its shares climbing 16.85% over the past week and an astounding 32.48% in the last month. Looking further back, KRAS shares have skyrocketed by 212.78% over the last six months and a staggering 311.88% year-to-date (YTD).
Adding to the positive sentiment surrounding KRAS is the anticipated intervention from Danantara Indonesia, the Investment Management Agency of Daya Anagata Nusantara. Danantara Indonesia is poised to undertake a comprehensive restructuring and inject crucial funds to revitalize the state-owned steel company. KRAS has formally requested an additional capital infusion of US$500 million, equivalent to approximately Rp 8.35 trillion, to bolster its operations.
Febriany Eddy, Managing Director of Non-Financial Holding Operations at Danantara, confirmed that the fund request from KRAS has been received and is currently undergoing validation, with calculations now in their final stages. She emphasized that one of Danantara’s primary missions is to rebuild a robust manufacturing base in Indonesia, a crucial step towards creating high-quality employment opportunities. “From what we see now, one of the big missions I personally want to undertake, Krakatau Steel is the beginning. If you look at it, Krakatau Steel has extraordinary potential,” Febri stated at the Danantara Office on Friday, November 14.
Examining the broader market, eight out of the eleven stock sectors on the IDX recorded gains. Property stocks led the charge with the largest increase, registering a notable 2.12%. Within this sector, shares of issuers such as PT Ciputra Development Tbk (CTRA) performed well, rising 0.58% to Rp 870, indicating investor confidence in the real estate segment.
Conversely, Asian stock markets presented a stark contrast, experiencing a collective downturn. The Shanghai Composite Index fell by 0.41%, the Nikkei corrected by 0.22%, the Straits Times dropped 0.12%, and the Hang Seng declined by 0.64%. This regional dip highlights the JCI’s impressive resilience and strength on this particular trading day.
Top Gainers:
- PT Bumi Resources Tbk (BUMI) rose 4.55% to Rp 230
- PT Petrindo Jaya Kreasi Tbk (CUAN) climbed 3.72% to Rp 2,230
- PT Krakatau Steel Tbk (KRAS) surged 10.05% to Rp 416
Top Losers:
- PT Archi Indonesia Tbk (ARCI) fell 3.95% to Rp 1,215
- PT Merdeka Copper Gold Tbk (MDKA) declined 3.32% to Rp 2,330
- PT TBS Energi Utama Tbk (TOBA) dropped 2.94% to Rp 825
Summary
The Jakarta Composite Index (JCI) recorded an all-time high during the first trading session on Monday, November 16, surging 0.76% to reach the 8,434 level. This robust performance was supported by significant trading activity totaling Rp 11.02 trillion and a largely positive market breadth, with 344 stocks strengthening. Eight of eleven stock sectors posted gains, led by property stocks, in contrast to a downturn in broader Asian markets.
Amidst the JCI rally, PT Krakatau Steel Tbk (KRAS) shares soared by 10.05% to Rp 416, driven by an upcoming Extraordinary General Meeting of Shareholders (EGM) on December 23, 2025. The company’s shares have risen substantially, including a 311.88% year-to-date increase. This surge is also linked to Danantara Indonesia’s anticipated restructuring and capital injection, with KRAS formally requesting an additional US$500 million (approximately Rp 8.35 trillion) to bolster operations.
