Wall Street fails to cheer up IDX

Substantial recovery in Wall Street last night failed to cheer up investors on Indonesia Stock Exchange (IDX). The composite index of IDX returned to negative territory this morning as some profit taking continues on blue chip stocks.

BCA, the third largest company on IDX by market cap, declined 0.54% so far this morning, while PGN lost 0.7%. INCO and Bukit Asam also declined by 0.7% and 0.64% respectively. Telkom and Astra, the No.1 and No.2, unchanged on relatively thin trading volume. Coal stocks are still under pressure. Adaro and Indo Tambangraya Megah declined 1% and 0.34% respectively, while BUMI gained only by 1.09%. BUMI lost 4.1% yesterday. Pretty much in contrast to their peers in the region. BHP gained slightly by 0.33% in Sidney, while Shenhua and China Coal advanced by 0.8% and 2.92% respectively in Hong Kong.

Oil and gas stocks also moved mixed despite higher crude oil prices. Petrochina declined 0.7%, while CNOOC gained 2.54%. Elnusa lost 3.13% in Jakarta, while Medco gained 1.1%.

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