IDX softens on commodities

IDX composite index declined slightly by 0.32% on Monday, June 29, as plantation stocks retreated on lower CPO prices. Coal stocks closed mixed with Bukit Asam lost 1.7%, while Bumi Resources inched up 0.53%.

Commodities stocks in the region closed in negative territory as crude oil stays below US$70 per barrel. Shenhua gained almost 2%, but BHP lost 0.8%. Adaro lost 1.6%, but Indo Tambangraya gained 1.5%, while Xstrata opened lower in London. Most oil and gas stocks lost ground led by Medco (-1.6%), Energi Mega (-1.3%), and Elnusa (-1.5%). CNOOC also lost 2.3% in Hong Kong. Metal stocks also dropped led by Anglo American (-1.4%), Lonmin (-0.9%), and Chalco (-2.7%). Antam and INCO unchanged.

Plantation stocks also closed mixed with all Indonesian-listed plantation companies lost ground led by London Sumatra (-2.4%) and Astra Agro (-2.3%) to tracking the movement of CPO prices. The benchmark September contracts in Malaysia Derivatives Market closed significantly lower at RM2262 per ton, declined by about 2% from last week's closing at RM2317 per ton. (TH/YA)

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