JAKARTA (Yosefardi) – Investors focused buying shares of state steel producer PT Krakatau Steel Tbk (KRAS) on Tuesday (May 19), then the stock soared 25% to Rp420 per share with over 1.87 million shares exchanged hands. Year to date, KRAS has fallen 13.4%.
Investors were active in buying KRAS shares following statement of minister of state-owned enterprises (SoEs) Rini Soemarno on Monday which is in favor to KRAS.
Rini said the government requires state construction services firms to use steel iron from Krakatau Steel. The government intends to boost local contents and to protect national steel industry.