JAKARTA (Yosefardi) – Investors continued selling off shares of PT Trada Maritim Tbk (TRAM) on Monday (December 1), leading the stock to drop further by 24.85% to Rp248 with over 161 million shares exchanged hands.
TRAM rallied from as low as Rp50 to Rp1970, making its worth of more than US$1.5 billion. For almost four months (December 2008-March 2009), shares of marine logistic company were quoted at Rp50, the lowest quotable price of Indonesian stocks.
Trading volume was not significant. Things, however, changed significantly since April 2009. Not only the stock price rallied, but trading volume surged to above 600 million shares per day when the stock reached to as high as Rp1970 in early May 2014.
It took five years and two months for stock market authorities to start doing something on the stock’s trading despite fundamental issue at the company, including losing of major contract from Pertamina because of the fire at one of the vessels.