It started in September 2019. A relatively unknown, small bank on the Indonesian Stock Exchange (IDX) suddenly came alive. For years, Bank Artos had been trading at around a mere IDR 25 (US$0.0018) per share. By the first week of October 2019, shares were up to IDR 400 (US$0.028), that’s already a 1,500% increase. Fast forward to now, the bank’s shares are worth IDR 4,350 (US$0.31).
Bank Artos’ fate completely turned around in the span of a year, from an obscure, low-tier bank to one of the hottest stocks on the IDX.
The trigger to the frenzy was two new investors taking control.