Commodities drag down IDX
IDX composite index declined 0.7% this morning due to negative regional sentiment and pressures on commodities-related stocks. Last night's rebound in Wall Street failed to cheer up investors. Shanghai lost 2% while Hang Seng dropped 1.6% this morning. Bumi Resources, the most traded stock on IDX, slashed 4.67% already.
Other coal stocks are also under pressure. Shenhua and China Coal declined 2.44% and 2.7% in Hong Kong, while Adaro dropped 3.09% in Jakarta. Indika, which co-owns Kideco, declined 2.91%, while Bukit Asam unchanged and Indo Tambangraya gained 2.2%. Straits Asia declined further by 2.17% in Singapore.
Plantation stocks in Indonesia, Malaysia, and Singapore were mainly in red. Bakrie Sumatra lost 4.92% in Jakarta, while First Resources dropped 6.3% in Singapore, and IOI declined 1.82% in Malaysia, leaving only Wilmar with 0.3% gain on SGX.
How about metals? Well, China Yunnan Tin, the world's largest tin producer, dropped 3% in Hong Kong, while Timah (TINS), the second largest producer, declined 1% in Jakarta. Aneka Tambang and INCO conceded 3.41% and 1.4% respectively.
Oil and gas? Well, PGAS retreated almost 2%, Medco -3%, and Energi Mega Persada -1.69%. Sinopec, Petrochina, and CNOOC are all in red even though crude oil increased to US$75 per barrel on weaker USD.
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