Jakarta, CNBC Indonesia – The majority of giant coal stocks were corrected in today’s trading, however, one issuer is a particular concern for market players. It was PT Bumi Resources Tbk (BUMI) that managed to fly amid the decline in other diamond stocks. BUMI managed to accelerate 20.34% to the level of Rp 71 / unit.
In addition to speeding up, BUMI’s share increase was also very convincing because it was accompanied by a jumbo trade value and volume, which was valued at Rp. 168 billion from a total of 2.65 billion shares traded.
The positive sentiment surrounding the coal commodity is still continuing, the price of the Newcastle thermal coal futures contract continues to strengthen. The recovery in demand from consuming countries and news about the Covid-19 vaccine sent prices soaring.
In yesterday’s trade (2/12/2020) the price of the actively traded contract rose 2.36% to US $ 71.45 / ton. This is the first time since March 30 that the price of the jet rock has touched the psychological level of US $ 71 / ton, which means that the coal price has recovered to its early year level.
Market players are also awaiting the purchase contract of Indonesian coal by China which reaches Rp 20 trillion, it is reported that BUMI will get a large enough share.
In addition, there are also photos of veteran investor Lo Kheng Hong visiting BUMI’s subsidiary, PT Kaltim Prima Coal (KPC).
In the photo, you can see Lo wearing a helmet and project vest while inspecting the mining area, accompanied by Bumi Resources Director & Corporate Secretary Dileep Srivastava. In addition, there is also a picture of him in the mine, behind which is a bulldozer
Even so, Lo hastily clarified, it turned out that the photo was when he was invited by BUMI’s management in 2018 to visit KPC in East Kutai Regency, East Kalimantan.
“This is an old photo from 2018. I was invited to visit Kaltim Prima Coal (KPC), the largest coal mine in Indonesia, a subsidiary of Bumi Resources,” he told CNBC Indonesia, Thursday (3/12/2020).
CNBC INDONESIA RESEARCH TEAM
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