Indonesian Stocks: Why Are Shares of the Waskita Group Plunging?
On Tuesday (12/09) shares of government-controlled construction company Waskita Karya plunged 11.27 percent to IDR 1,870 a piece, while shares of its subsidiary Waskita Beton Precast fell 8.64 percent to IDR 402 per share. Hence both companies were among the ten top losers on the Indonesia Stock Exchange yesterday. What explains this huge sell-off?