JAKARTA (Yosefardi) – Shares of Indika Energy (INDY) jumped 7% this morning, while subsidiary Petrosea gained 3.48%. More than 13 million shares were exchanged hands when INDY gained 7% to Rp730.
Borneo Lumbung also gained substantially by 4.26% with more than 16 million shares exchanged hands. Berau Coal Energy and Bumi Resources also rose 1.27% and 1.15% respectively. While Adaro Energy fell 1%.
In the region, China Shenhua lost 1.34%, China Coal increased 0.84%, BHP Billiton slipped 0.85% in Sydney.
Meanwhile shares of coal producer Garda Tujuh Buana (GTBO) lost further 10.59% to Rp1,520 this morning after IDX management resumed its trading on Thursday (Sep 5).
The stock collapsed from as high Rp7300 following termination of coal supply contract with Agrocom Ltd. Trading in the stock was suspended in May 2013 as authorities seek clarification of the company’s going concern.
Going forward, however, investors shall continuously monitor developments in China and India, two of the largest importers of Indonesian thermal coal. Financial crisis in India would have catastrophic effect on coal market, more than China, because India relies more on imported coal than China.