JAKARTA (Yosefardi) – Oil and gas producer Medco Energi (MEDC) moved mostly in red zone this morning for profit taking as the stock has gained 106% from its bottom in the past few weeks.
Medco was traded as low as Rp2650, way below Friday’s closing of Rp2900, but then recovered to Rp2875 with around 2 million shares exchanged hands in the opening hour.
At Rp2900, Medco has market capitalization of Rp9.7 trillion or about 1.1 times equity as at June 30, 2013.
The company booked net profit of US$5 million in the first half of 2013, slashed by 55% from the corresponding period of 2012 as sales revenue down 6.5% to US$429 million.
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