IDX opens lower, coal weighs

IDX composite index lost 1% in the first hour of trading this morning as coal stocks lost ground on correction in thermal coal spot prices and profit taking.

Adaro and Bumi Resources declined 1% respectively, while Indo Tambangraya dropped almost 2%. Indika and Bukit Asam also declined 1% respectively. Their peers opened higher mainly in the region, except Shenhua which declined 0.32% in Hong Kong. BHP, Rio Tinto, and Straits Asia regained grounds on ASX and SGX.

Metals also lost ground, led by Yunnan Tin which crashed 10.43%, while Timah declined 1.22%. Aneka Tambang and INCO also lost 1.5% and 0.72% respectively.

Oil and gas stocks are also under pressure. CNOOC and Petrochina lost 2.93% and 0.83% respectively in Hong Kong, while Elnusa declined 1.6% in Jakarta.

Banking stocks? Well, correction continues with Mandiri and BRI dropped over 2% respectively, while BCA and Danamon declined 1.1% and 2.8% respectively.

Profit taking on blue chip stocks hit the composite index and dropped almost 2% after 30 minutes of trading. TLKM, Astra International, Gudang Garam, United Tractors, Indofood, PGN were all in negative territory this morning.

Rupiah also opened lower at Rp9410/USD from 9335 last Friday.

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