JAKARTA (Yosefardi) – Shares of property developer PT Gading Development (GAMA) Tbk plummeted 31.82% to Rp90 Friday, November 15.
Trading volume was heavy with almost 116 million shares exchanged hands. The stock collapsed 82% in the past few trading days.
Gading Development launched initial public offering (IPO) at Rp105 per share last year. The stock has since skyrocketed to as high as Rp510 late last month.
The stock was traded heavily in the first and second week of October, but then slowed down to less than 8 million shares per day early this week. But, on Thursday, trading volume increased sharply to 57 million shares and doubled to 116 million shares today.