JAKARTA (Yosefardi) – Investors focus buying on coal related stocks on Wednesday (Sept 18) though broader market was on correction.
Bumi Resources surged 12.9% to Rp510 per share with over 42 million shares exchanged hands while Borneo Lumbung Energy soared 16.67% to Rp280 per share on over 17 million shares traded.
Berau Coal Energy also jumped 18.29% to Rp194 with over 14 million shares exchanged hands. Bumi Resources Minerals rose 5% and Indikar Energy increased 1.2%. Adaro Energy closed unchanged.
Government officers are now disputing whether or not harmonizing royalty rate for coal (read royalty hike for miners operating under Mining Business License/IUP) should be implemented next year.
Energy and mineral resources minister Jero Wacik supports a delay in coal royalty adjustment, while coordinating minister for the economy Hatta Rajasa and finance minister Chatib Basri tend to support the adjustment to be implemented next year.