Indonesian Coal Stocks Gain ahead Import Ban on Russian Coals
Editor
5 July 2022 19:51 WIB
TEMPO.CO, Jakarta - After Monday's slip of more than 2 percent, the Jakarta Composite Index (JCI) rebounded this morning. Quite notably, several coal stocks gained following the commodity's price hike, coupled with increasing demand ahead of the import ban on Russian coals.
The JCI ended the first session of today's trade, July 5, with a 1.52 percent climb to 6,740, with 394 shares gaining, 159 corrected, and 149 unchanged. The morning trade saw a transaction value of Rp5.8 trillion.
"A number of coal issuers' prices rose in the first session of trading today, in line with the strengthening of coal price at the ICE Newcastle market [for August delivery contracts] to US$391.45 per ton on Monday's trade," Samuel Sekuritas reported on Tuesday.
The coal price hike came ahead of the import ban of Russian coals starting next month.
Some coal stocks that rose today included TOBA (+6.9%), SMMT (+8.12%), PTBA (+7.07%), and ITMG (+7.65%). The coal stock appreciation helped lift the energy sector index, IDXENERGY, to be the highest rising sectoral index this morning with a 4.2- percent climb.
Muhammad Hendartyo
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