Gorengan (speculative small-cap stocks)
Gorengan, literally 'fried', is an informal Indonesian term for stocks whose prices rise or fall in an unusual, speculative way. It is an informal term used in the press rather than a regulatory category. The IDX and OJK respond with the unusual market activity (UMA) notation, trading suspensions and requests for further disclosure.
gorengan (saham spekulatif)
Why it matters
The main early step is the unusual market activity (UMA) notice, issued when a stock's prices or trading move outside normal patterns. A UMA is a warning, not a sanction, and does not automatically mean suspension. The exchange can ask the issuer to disclose information it has not yet published. If unusual movement continues and the company is not transparent, trading can be suspended. OJK has acknowledged that some stocks keep rising after receiving the notation, so the notation does not by itself show where a price is heading. A BEI official said in February 2026 that surveillance runs in real time.
Examples on the IDX
On 6 February 2023 President Joko Widodo warned against stock manipulation after the Adani share sell-off, and OJK's Inarno Djajadi listed the UMA notation, trading suspensions and extra disclosure as tools, conceding that some stocks keep rising after a notice (Okezone). On 27 February 2026 BEI official Irwan Abdalloh said surveillance runs in real time (KabarBursa). Remarks dated 3 March 2026 and reported on 19 June 2026 described a smart surveillance system and extended due diligence on flagged investors, which the IDX can order brokers to carry out (CNBC Indonesia).
Scenarios that use this term
Sources
- Disinggung Jokowi soal Saham Gorengan, Begini Kata OJK, Okezone, 2023-02-06; accessed 2026-10-11.
- BEI Beberkan Risiko Likuiditas dan Cara Bursa Mengendus Gorengan, KabarBursa, 2026-02-27; accessed 2026-10-11.
- Disorot MSCI, BEI Perketat Pengawasan Manipulasi Saham, CNBC Indonesia, 2026-06-19; accessed 2026-10-11.
- Unusual Market Activity, Investasiku (educational site, not the exchange), date not shown; accessed 2026-10-11.