JAKARTA (Yosefardi) – Coal producer Garda Tujuh Buana (GTBO) dropped another 10.2% to Rp2200 Tuesday (May 21) as it renegotiates coal supply agreement.
GTBO rallied to as high as Rp7000 in September 2012, but has since dropped to as low as Rp2150 today. The stock collapsed from Rp6000 in March 2013.
Other coal stocks losing ground were Indo Tambangraya Megah (-1.47%), Bukit Asam (+3.54%), and Toba Bara Sejahtera (-3.37%).
United Tractors, a heavy equipment supplier, mining contractor, and coal producer, meanwhile, continued its recovery with additional 1.77% gain.