BCA and Bakrie end the rally

Indonesia Stock Exchange (IDX) composite index closed slightly lower by 0.2% today due to significant drop of BCA and Bakrie-related stocks. Other blue chip stocks mainly advanced to higher grounds.

BCA lost 7.19% on the news about placement of BCA stocks by Farallon at significant discount. Other bank stocks also declined, except CIMB Niaga and BRI. BCA was heavily traded with 60 million shares exchanged hands and closed at Rp3550.

Meanwhile, six out of seven Bakrie-related stocks closed significantly lower led by Bakrieland (-4.9%), Bakrie & Brothers (-3%), while Bakrie Telecom, Darma Henwa, and Energi Mega Persada slipped between 1-2.4%. Bakrie Sumatra Plantation unchanged.

Coal stocks were mainly in negative territory, while their peers in the region mainly closed higher, led by Shenhua's 6.5% gain, and China Coal's 4.9%. Xstrata, the world's largest thermal coal exported gained 2.4% by midday in London.

Astra gained 1.7%, but Astra Agro Lestari lost 1.7% and United Tractors -0.98%. Most plantation stocks ended higher in Singapore, Malaysia, and Indonesia even though the CPO futures contract in Malaysia Derivatives Market softened to RM2317 per ton for the benchmark September delivery.

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