JAKARTA (Yosefardi) – Shares of coal producers Adaro Energy (ADRO) and Indika Energy (INDY) ended substantially lower by 4.41% and 11.7% respectively Friday (August 2nd).
More than 54 million shares exchanged hands as Adaro Energy lost 4.41% to Rp650, the lowest level in years. Trading of Indika shares was also heavier than 3-month average with over 19 million shares exchanged hands. Indika plummeted 11.7% to Rp530, the new historic low.
Adaro Energy, parent of second largest coal producer Adaro Indonesia, has lost 59% year-to-date. Indika, co-owner of third largest coal producer Kideco Jaya Agung, meanwhile, collapsed 62% in the same period.