Bakrie lost ground

Bakrie-related stocks led the downfall of IDX composite index today. Bumi Resources lost 10.3%, while Energi Mega crashed 15.8% and Dharma Henwa slashed 12.38%.

Bakrie Telecom, Bakrieland, Bakrie & Brothers, and Bakrie Sumatra Plantations declined 10.3%, 9.3%, 5.6%, and 5.9% respectively.

For sure, Bakrie is not alone. In the coal sector, Adaro also lost 8.5%, Indika slashed 12.9%, Indo Tambangraya -8%, Bayan -8.3%, and Bukit Asam -5.5%. Their peers in the region also lost ground. Shenhua lost 3.6%, China Coal -5.2%, and BHP declined 4.1%. Even Xstrata which opened higher in London quickly turned to negative territory.

Back to the Bakries, some of the stocks have surged outrageously in the past few months. Darma Henwa (DEWA), for example, jumped 345% in the period of April-May. Energi Mega Persada (ENRG) skyrocketed 592% in the same period. Fundamental performance of both companies are far from convincing. 

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