Jakarta, CNBC Indonesia – The share price of coal issuers soared in early trading today, Monday (11/4/2022), as coal commodity prices continued to climb.
Referring to data from the Indonesia Stock Exchange (IDX), the following are coal stocks that skyrocketed this morning, at 09.43 WIB.
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ABM Investama (ABMM), up +6.34%, to Rp 2,180/unit
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Mitrabara Adiperdana (MBAP), +4.82%, to Rp 4,780/unit
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Indika Energy (INDY), +4.44%, to Rp 2,820/unit
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Harum Energy (HRUM), +2.71%, to Rp 13,250/unit
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Main Energy TBS (TOBA), +2.70%, to Rp 1,330/unit
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Delta Dunia Makmur (DOID), +2.56%, to Rp 600/unit
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Indo Tambangraya Megah (ITMG), +2.37%, to Rp 28,125/unit
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Adaro Minerals Indonesia (ADMR), +1.43%, to Rp 2,830/unit
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Bukit Asam (PTBA), +1.39%, to Rp 3,650/unit
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Adaro Energy Indonesia (ADRO), +1.27%, to IDR 3,200/unit
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Golden Energy Mines (GEMS), +0,91%, ke Rp 5.550/unit
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Prima Andalan Mandiri (MCOL), +0.66%, to Rp 4,560/unit
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United Tractors (UNTR), +0,61%, ke Rp 28.775/unit
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Bayan Resources (BYAN), +0,23%, ke Rp 43.850/unit
According to the data above, ABMM shares jumped 6.34%. In a week, this stock only fell once and the rest rose. As a result, ABMM shares have jumped 18.92% in the last week.
MBAP shares were also up 4.82%, extending their rally of gains to a sixth straight trading day. MBAP shares have risen 9.89% in the past week.
Not only ABMM and MBAP, INDY and HRUM shares also rose 4.44% and 2.71% this morning, respectively.
Temporary, Coal prices skyrocketed 18.8% last week. The price of the black stone is estimated to still fly this week and pass the level of US$ 300 per ton.
On Friday (1/4/2022) trading, coal prices closed up 4.2% at US$ 299.5 per ton. This is the highest since March 15 (US$ 303.35 per tonne).
Since the beginning of the month, the price of coal has always been in a strengthening trend, except on April 7, where coal had weakened 1.85%.
Overall, coal prices jumped 18.8% last week. During the year the price has soared 250.3%.
The skyrocketing coal price last week was triggered by the European Union’s decision to stop coal imports from Russia starting in mid-August this year. Japan then followed the steps of these countries by announcing a ban on coal imports from Russia.
“Russia continues to violate international law by killing civilians and attacking nuclear plants. This is an unforgivable crime. Japan will stand with the Ukrainian people,” Japanese Prime Minister Fumio Kishida was quoted as saying by the statement. Reuters.
Japan is the world’s largest coal importer after China and India. Russia supplies 11% of Japan’s coal imports. Russia’s supply is only inferior to Australia (60%) and Indonesia (13%).
Following the import ban from Russia, Japan is reportedly approaching a number of countries, including Indonesia, to patch up supplies left by Russia.
The ban on imports of Russian coal has of course made competition for new suppliers tighter so that coal prices are expected to continue to soar this week.
Coal prices will skyrocket next week the same as last week due to the embargo of Western countries on coal products from Russia. This will have an impact on the lack of supply for European countries where currently they will return to using coal in the midst of the current crisis because gas and oil prices have increased quite high,” said Energy Watch Executive Director Mamit Setiawan to CNBC Indonesia, Sunday (10/4).
Mamit explained that coal is a cheaper solution for Western countries than other energy sources such as gas. The exclusion of Russia from the European Union and Japan’s coal suppliers provides an opportunity for Indonesian producers to take Russia’s position.
“This is an opportunity for Indonesia and Australia to take the European Union market,” he added.
Just so you know, today is the debut of the ride-hailing and e-commerce issuer PT GoTo Gojek Tokopedia Tbk (GOTO) with an initial offering (IPO) price of IDR 338/share and a total fund raised of IDR 13.73 trillion.
GOTO’s IPO became the most anticipated by investors at the beginning of the second quarter of this year.
As of 09.54 WIB, GOTO’s share price shot up 15.98% to the position of Rp. 392/unit. Previously, moments after the market opening bell rang, GOTO’s share price touched Rp 416/unit or rose 23.08%.
CNBC INDONESIA RESEARCH TEAM
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