Coal stocks burnt down
Coal stocks are mainly in negative territory this morning. BUMI, the most traded coal stock on IDX, lost 5.21%, while Adaro declined 2.72%. Indika and Bukit Asam also lost ground, but ITMG recovered slightly by 0.17%.
Almost 150 million BUMI shares exchanged hands this morning. The stock dropped to Rp2275, the lowest since December 22, 2009. The stock has lost 35% its value from its peak last year and 73% below its all time high in June 2008. The stock was even bigger than Telekomunikasi Indonesia (TLKM). But now, BUMI is even smaller than ADRO in terms of market capitalization.
Looks like IDX-listed coal stocks experienced a delayed correction after long period of rally since February 2009. China Shenhua and China Coal regained grounds this hour by 1.3% and 1.1% respectively in Hong Kong. Straits Asia also gained 0.5% on SGX, while BHP advanced by 0.9% in Sidney. Xstrata, the world's largest thermal coal exporter, gained substantially by 3.35% yesterday in London.