JAKARTA (Yosefardi) – Shares of Indika Energy (INDY) jumped 8.45% to Rp770 per share at 2.30 pm Jakarta time, extending its rally during early this month. Some 14.75 million shares were exchanged hands.
The stock had fallen 46% year to date to reach Rp500 in August 27, 2013, its lowest. It had regained 54% from its lowest price. While its subsidiary Petrosea retreated gained 3.3%.
Meanwhile Adaro Energy rose 2%, Bumi Resources climbed 3.53%, and Berau Coal increased 1.9%. While Borneo Lumbung was flat.
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.