JAKARTA (Yosefardi) – Investors focused selling coal stocks on Tuesday (Nov 26), mainly giant coal PT Bumi Resources Tbk (BUMI) which plummeted 15.19%.
Broader market sentiment also prompted the selling in coal stocks. Profit taking hit some coal shares after gaining significantly from their respective lows.
While BUMI extended its correction, to reach its new low. Berau Coal and Borneo Lumbung Energy also lost 5.7% and 3.5% respectively on uncertainties surrounding separation of Bakrie and Bumi Plc.
Other coal shares, Adaro Energy dropped 5.79%, Bumi Resources Minerals lost 2.2%, Delta Dunia fell 3.85%, and Indika Energy shed 8%.