JAKARTA (Yosefardi) – While broader market gained, coal stocks became focus of selling Thursday (October 9) on concern over downfall of global coal prices and oversupply in the seaborne market.
Bumi Resources dropped 5.1%, Adaro Energy fell 1.3%, Berau Coal declined 0.89%, and Bumi Resources Minerals slipped 0.26%.
Year to date, Bumi Resources had fallen 50%, Adaro gained 4.6%, and Berau Coal lost 40%.
Adaro however has dropped 82% from its peak at September 8, 2014 and Bumi Resources Minerals lost 8.7% from its peak at September 10, 2014.
Other mining stocks also declined. Energi Mega fell 2.94%, Vale Indonesia slipped 0.54%, and Benakat Integra lost 1.68%.