Friday, July 10, 2009

Commodities outweighed SBY-Boediono "win"

Fall of commodities, led by crude oil which dropped to below US$60 per barrel, outweighed hype on peaceful presidential election and the "win" of market-favored SBY-Boediono. Indonesia Stock Exchange (IDX) composite index lost ground and dropped 1% today.
Coal stocks lead the downfall with Bumi Resources lost 3.8%, Bayan Resources -4.6%, Indika Energy -5.15%, Indo Tambangraya Megah -4.11%, and Adaro -0.9%. Bukit Asam is the only gainer, but very small at 0.44%. Their peers in the region also closed lower, led by China Shenhua's -2.4% and Straits Asia -3.6%.
In the oil and gas sector, PGN gained 3%, but Medco lost 4.13%, Energi Mega Persada slashed 2.9%, and Elnusa -3% to tracking their peers in the region. PetroChina lost 1.5%, while Sinopec -0.7%. 
Plantations also dropped significantly led by Sampoerna Agro (-7.5%), Gozco (-3.4%), TBLA (-3.3%), Bakrie Sumatra -3%, while Astra Agro and London Sumatra lost about 1.8% respectively. Indofood Agri lost 4.4% in Singapore, while Kencana Agri -4%, and Golden Agri Resources -1.6%. 
Metals? The same. Timah slashed 3%, INCO -1.3%, and Aneka Tambang -1% as Rio Tinto lost 2% in London by midday. Other sectors also ended in lower grounds. Banking stocks, for example, mainly dropped led by BRI (-4.23%) and BCA (-2%). The largest company at IDX by market capitalization, PT Telkom Tbk, also declined 1.9%. Astra International, the largest company by sales revenue, also lost ground by 2.34%. (th/ya)

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