JAKARTA (Yosefardi) – Second largest coal producer Adaro Energy (ADRO) has dropped out of Top 30 stocks on Indonesia Stock Exchange by market capitalization.
The stock ended substantially lower by 2.11% to Rp930 on Friday (May 31) to make a market capitalization of Rp29.7 trillion, 31st on IDX behind Astra Agro Lestari (Rp30.7 trillion).
Adaro Energy has lost 41.5% its value year-to-date. Adaro is inches above Bank Tabungan Pensiunan Nasional, which also lost 6.7% year-to-date.
Adaro, however, is still better than Bumi Resources, the largest coal producer in the country, which is not even in the Top 50. Bumi Resources currently has market capitalization of Rp13.7 trillion only.