This stock jumps 24.17% as coal falls, why?

Jakarta, CNBC Indonesia – The Composite Stock Price Index (IHSG) managed to rally this week and successfully returned to the psychological 7,000 level. Movement in the benchmark Homeland Index has been somewhat volatile this week due to several important economic data both domestically and externally.

During this week, the national stock exchange index rose by 0.62% respectively. point to point (ptp). In Friday (11/11/2022) trading yesterday, the JCI closed down 1.76% to trade at 7,089.21. If you look at its performance over the past month, the index is up 4.03% and is up 7.71%. Year after year/yoy.

In the midst of JCI strengthening this week, there are at least 6 stocks that have become better earnings during this week which had a significant increase of more than 24% and 6 stocks that were affected by significant selling and becamethe best losers.

Below is a list of actions that have becomebetter earningsthis week:

Issuer of shares PT Alfa Energi Investama Tbk (FIRE) led the linebetter earningsthis week, where FIRE shares are up 24.71% so far this week.

Over the past week, FIRE share price has moved in the range of IDR 234-302/unit. Till the last trading Friday (11/11/2022), the market capitalization value of FIRE shares reached IDR 439.66 billion.

If you look at the trading data, during the past week it was recorded that FIRE shares only fell once i.e. trading on Thursday (10/11/2022), the remaining 4 FIRE trades closed brilliantly.

For the past week, FIRE shares have sold off (net sale) it reached IDR 26 million in the regular market. If you look at the performance of its financial reports, FIRE still posted a net loss of IDR 13.1 billion in the third quarter of 2022.

On the other hand, FIRE remains optimistic about increasing its sales performance this year to Rp 800 billion. The 2022 target, of course, also depends on a number of factors, including the coal price fluctuations that occur.

This week’s rally in FIRE stock occurred amid a decline in global coal prices. Therefore, the stock price of most domestic blackstone mining issuers moves slowly.

ICE Newcastle’s benchmark coal price continued to decline after hitting an all-time high (ATH) of USD 464/tonne in early September 2022.

However, compared to the ATH level, coal prices are down nearly 38%. Interestingly, coal prices are still more than doubling compared to before the Covid-19 pandemic.

With coal prices declining in the fourth quarter of 2022, it is possible that the average selling price (average selling price/ASP) black rock stations will also drop.

For information, FIRE is engaged in operations and investments in energy services, energy sources and energy infrastructure through its subsidiaries.