Jakarta, CNBC Indonesia – The share price of the new coal issuer PT Bumi Resources Tbk (BUMI) closed up 21.05% or at Rp 69 / share at the close of trading session I this Wednesday (11/25/2020).
During the first trading session, BUMI’s shares were traded in the range of IDR 58-75 per share. A total of 2.88 billion shares were traded with a value of Rp 193.2 billion.
Trade data noted that domestic investors dominated the purchase of BUMI’s shares, because there were 49.52% who made this buying. Domestic investors recorded buying as many as 2.4 billion shares or worth Rp. 191.4 billion.
Furthermore, the selling action of domestic investors was recorded at 41.03 percent or as many as 2.4 billion shares valued at Rp 159.6 billion.
Next, foreign investors sold 8.97 percent or 516 million shares valued at Rp 33.6 billion. Meanwhile, foreign investors bought only 0.48 percent or 27.7 million shares valued at Rp 1.4 billion.
The holding shares of Kaltim Prima Coal and Arutmin are also leading the top gainers on the Indonesia Stock Exchange (IDX), along with PT Indomobil Sukses International Tbk (IMAS) whose shares also jumped 24.47% to the level of Rp 1,170 / share.
Bumi Resources Director & Corporate Secretary Dileep Srivastava said the company’s share price had risen 14 percent from the opening week of Rp 50 / share.
“It’s hard to comment on a real trigger for Bumi, but there is no denying that BUMI is a very low value stock despite its bright medium term prospects,” Dileep said when contacted by CNBC Indonesia.
According to him, the prospect of higher coal prices amid the news of the discovery of a vaccine can also boost the global economy so that demand for coal will improve. For this reason, Dileep said that this condition is beneficial for the sector, especially Bumi Resources.
In addition, the Indonesian government is increasingly aggressively moving downstream coal through coal gasification. Currently, there are three companies that are considered to be the most ready to carry out a gasification project by completing a feasibility study or a pre-study.
One of them is PT Arutmin Indonesia, a subsidiary of the largest coal company BUMI, which will process from coal to methanol.
On the other hand, coal prices also continue to skyrocket. The contract price for Newcastle thermal coal closed at a rapid rate in trading yesterday. Coal prices have been on an upward trend since mid-October.
Tuesday (11/24/2020), the contract price for coal that is actively traded closed up 2.68%. Now the price of Newcastle thermal coal futures has reached the level of US $ 68.9 / ton. This is the highest level since March 30.
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