Tuesday, December 15, 2009

Equity market maneuvers hit Bakrie stocks

Seven Bakrie-related stocks lost ground today for various reasons, but mainly on plans to issue new shares. Bakrie Sumatra Plantation was hit the most, crashed 17.65%. 
Sector-wise, plantation stocks were mainly closed in higher grounds in Malaysia, Singapore, and Indonesia. One exception is Bakrie Sumatra Plantation which reportedly plans to issue new shares to finance acquisition of plantation and oleochemical assets.
Energi Mega Persada (ENRG), oil and gas producer, also lost another 4.02%. This company is also in the process to raise over US$500 million from new shares issuance (rights issue). Reports about US$10 billion bailout on Dubai World failed to help Bakrieland (ELTY). The stock lost another 4.65%. 
Darma Henwa (DEWA), coal mining contractor, lost 4.35% today. DEWA is also in the process to raise funds from the equity market. PT Bumi Resources (BUMI) Tbk, which is being investigated for underpayment of taxes along with its subsidiaries (KPC and Arutmin), declined 2%, while Bakrie & Brothers (BNBR) slashed 3.23% and BTEL lost 2%.
Bakrie-related stocks, as usual, dominated the top 10 most active stocks on IDX with trading value above Rp600 billion. 




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