IDX Suspends CDIA and COIN Stocks After Six Consecutive Limit-Up Sessions

The Indonesia Stock Exchange (IDX) has temporarily suspended trading for PT Chandra Daya Investasi Tbk (CDIA) and PT Indokripto Koin Semesta Tbk (COIN) on the Regular and Cash Markets starting from the first session today. This decision comes after both stocks recorded consecutive Auto-Reject Upper (ARA) hits — CDIA for six straight sessions and COIN for five to six consecutive days — due to sharp price surges deemed excessive.

Spectacular Price Surge Triggers Suspension

Since its IPO debut in early July, CDIA’s stock price skyrocketed from IDR 190 to IDR 780, marking a 310.5% gain within one week. Meanwhile, COIN surged from IDR 100 to IDR 474, a remarkable 374% increase. Both stocks posted an average daily gain of 25%, prompting IDX to issue an Unusual Market Activity (UMA) notice on July 16.

Trading data revealed massive buy queues at the upper limit, amounting to millions of lots by the close of Wednesday’s session. This raised concerns about potential excessive speculation in the market.

Suspension Mechanism and IDX’s Statement

The suspension was enforced effective July 17, 2025, as a response to what IDX described as unreasonable price movements. The exchange emphasized that this measure is a standard protocol to maintain market stability during extreme volatility. The halt also provides time for issuers to deliver clarification and ensure full compliance with disclosure regulations.

Impact on the IDX Composite and Next Steps

Despite the suspension of the two stocks, the Jakarta Composite Index (JCI) advanced 1.21% to 7,277, supported by positive market sentiment following the cooling-off measure. IDX urged listed companies to enhance transparency and ensure that transactions align with good corporate governance principles.

The suspension will be lifted once trading patterns normalize and comply with the exchange’s standards. This step underscores IDX’s commitment to safeguarding market integrity and protecting investors from abnormal price volatility. While short-term traders seeking quick profits may be disappointed, the move is considered critical to curbing uncontrolled speculation.

Trading in CDIA and COIN is expected to resume after a thorough evaluation, issuer clarification, and price stabilization. In the meantime, market participants are advised to monitor disclosure updates and further developments regarding both companies.