Rally on Medco Shares Continue, Gain 73% Since July

JAKARTA (Yosefardi) – Investors continued their rally on oil and gas producer Medco Energi International (MEDC). This morning, the stock advanced 3.74% to Rp2775.
MEDC has gained 73% from Rp1600 in early July 2013. Trading volume was substantial with 8.08 million shares exchanged hands, substantially above its average daily trading volume of 4.7 million shares in the past three months.
In the first half of 2013, Medco posted net profit of US$5.1 million, dropped by 54.5% from the corresponding period of 2012 as sales revenue and profit margins declined respectively.
Medco had total assets and equity of US$2.58 billion and US$827 million as at June 30, 2013. At the current stock price, Medco has market capitalization of Rp9.25 trillion.