JAKARTA — Indonesia’s capital market has come under renewed scrutiny after comments made by Yudo Achilles Sadewa, son of Finance Minister Purbaya Yudhi Sadewa, in a private online investment group were followed by sharp price movements in several thinly traded stocks.
The spotlight fell primarily on PT Diamond Citra Propertindo Tbk (DADA), whose shares surged dramatically last week after screenshots of Yudo’s remarks circulated among retail investors. In the message, Yudo wrote: “I suddenly dreamed last night that DADA goes to IDR 300,000. I still have IDR 10 million stuck there.”
Market participants flagged the price movement as unusual, noting that the rally was not supported by any material disclosures, corporate actions, or fundamental developments from the company. In addition to DADA, several other stocks mentioned in the same discussion—spanning property, textiles, and mining—also recorded short-term gains.
Market Manipulation Concerns
In Indonesia’s equity market, so-called “stock pumping” refers to efforts to artificially boost demand through narratives or influential commentary, often triggering sharp but temporary price spikes in speculative or illiquid stocks.
When asked about the issue, Indonesia Stock Exchange (IDX) President Director Iman Rachman declined to comment directly.
“Questions about stock pumping should be directed to Mr. Purbaya,” he said briefly on Monday (Jan 19). However, he confirmed that the IDX and the Financial Services Authority (OJK) are preparing tactical measures to curb market manipulation.
Budi Frensidy, Professor of Finance and Capital Markets at the University of Indonesia, warned that such incidents pose reputational risks beyond the individuals involved.
“Stock pumping can harm retail investors who follow the hype. It also complicates enforcement efforts against market manipulation,” he said, urging investors to remain disciplined, monitor volatility, and apply stop-loss strategies.
Denial and Regulatory Oversight
Yudo Achilles Sadewa has denied allegations of stock pumping, stating via his personal social media account that his remarks reflected personal opinion only and were not intended to encourage others to buy specific stocks.
Meanwhile, the OJK confirmed it is closely monitoring trading activities that may disrupt market integrity. According to Eddy Manindo Harahap, Deputy Commissioner for Capital Market Supervision, the regulator is currently handling 155 capital market cases.
Of these, 69 cases have been resolved, while 86 remain under investigation, with 116 cases directly related to stock trading and transactions. The OJK has imposed 120 administrative sanctions, fines totaling IDR 123.3 billion, and, in some cases, license revocations.
Earlier, Finance Minister Purbaya and the OJK agreed to establish a special task force to address structural issues in Indonesia’s capital market. The task force brings together the Ministry of Finance, OJK, self-regulatory organizations (SROs), and market associations, under direct coordination by the Finance Ministry.
OJK Chairman Mahendra Siregar emphasized that the initiative aims to ensure Indonesia’s capital market operates in an orderly, fair, and efficient manner, while safeguarding investor confidence amid rising public participation.
By Faisal / FKY
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