IDX turns red

IDX composite index slips in the afternoon session led by the fall of mining, plantation, and banking stocks. IDX closed lower by 0.78%. Astra International's 3.85% gain can't help the index from falling almost one percent as other blue chip stocks lost ground. 

Coal stocks mainly in negative territory with Bukit Asam lost 6.84%, while Bumi Resources declined 4.64%. Adaro, Indika, and Indo Tambangraya dropped 4.84%, 7%, and 5.21% respectively.

Xstrata, world's largest thermal coal exporter, opened significantly lower in London as investors were not sure about its maneuver to merge with Anglo American. Anglo, meanwhile, opened significantly higher by 7.83%.

Timah and Antam also dropped by 5.88% and 1.5% respectively, pretty much in line with other metal stocks.

Plantation stocks also continued the correction mode after CPO futures contracts in Malaysia Derivatives Exchange were traded below RM2200 per ton this morning. Contracts for September delivery crashed by 4% to RM2196 per ton in the afternoon session.

Bakrie Sumatra Plantation (UNSP) lost 5.56%, while Tunas Baru Lampung declined 4.76% and Sampoerna Agro -2.4%. 

Bakrie stocks mainly dropped, led by Bakrie & Brothers (-7.22%), UNSP and Bakrieland (-5.26%). Energi Mega Persada also lost 3.8% respectively.

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