JAKARTA (Yosefardi) – Shares of coal producers extend gains this morning, led by Indika Energy and Borneo Lumbung which jumped 12% and 10% respectively.
Adaro Energy rose 2.08%, Bumi Resources increased 1.25%, and Berau Coal Energy gained 1.43%. Harum Energy, Delta Dunia Makmur and Bukit Asam also advanced but in thin volume.
Going forward, however, investors shall continuously monitor developments in China and India, two of the largest improters 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.