Bumi and Indika Energy shares drop after coal fell for third week
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Tuesday, 16 Feb 2010
Bloomberg reported that PT Bumi Resources and PT Indika Energy shares declined in Jakarta trading after power station coal prices fell for a third straight week, reducing the mining companies earnings outlook.
Bumi lost 1.1% to IDR 2,250 as of 10:53 AM local time, the biggest drag on the Jakarta Mining Index today. Indika retreated 2.2% to IDR 2,250.
According to the globalCOAL NEWC Index power station coal prices at Australia Newcastle port a benchmark for Asia declined 1.2% to USD 90.75 per tonne in the week to February 12th.
(Sourced from Bloomberg)
