JAKARTA (Yosefardi) – Investors opted to make quick gains in coal stocks in afternoon trade, as market’s correction deepened.
Shares of PT Bumi Resources Minerals Tbk (BMRS) which gained further 5.7% in early morning trade, after its 20% jump on Monday (Sept 23), dropped 11.3% to Rp235 per share at market close.
Other coal stocks, Indika Energy retreated 4.88%, Harum Energy declined 3.15%, Adaro Energy lost 3.12%, Bumi Resources shed 4.8%, and Delta Dunia down 2%. While Berau Coal Energy gained 1.55%.
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.