When Gudang Garam is bigger than BUMI
As coal stocks burnt down on broad-market sentiment, second largest cigarette producer PT Gudang Garam (GGRM) Tbk takes over No. 11 spot from PT Bumi Resources (BUMI) Tbk. GGRM currently has market capitalization of Rp48.9 trillion, while BUMI at Rp47.54 trillion.
BUMI, like other coal stocks on IDX and elsewhere in the region, lost 4.85% this morning, while GGRM only declined by 1.17%. Further pressure on No.10 United Tractors (UNTR) might send GGRM there and closing the gap with the largest cigarette producer PT HM Sampoerna (HMSP) Tbk which currently has market cap of Rp58.7 trillion.
GGRM has skyrocketed 650% since October 2008, the highest gain in the top 20 companies on IDX by market cap.
As for BUMI, the company lost the crown as the biggest coal company by market cap to Adaro (Rp59.8 trillion). Still, BUMI is the busiest "casino" for coal sector and the whole market.
Labels: Stock Market