Down 12%, Adaro Energy Leads Mining Stock Decline

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21/11/2018 20:58 WIB

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Investor anxiety over a global economic slowdown, coupled with falling crude oil and coal prices, triggered a correction in mining stocks.

10 Mining Stocks with the Steepest Decline (November 21, 2018)

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Down 12%, Adaro Energy Leads Mining Stock Decline

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10 Mining Stocks with the Steepest Decline (November 21, 2018)

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Adaro Energy led the decline in mining stocks following the drop in crude oil and coal prices in the global market. On Wednesday (November 21st), shares of ADRO, its trading code, fell 11.78% to Rp 1,310 per share from the previous closing price. This was followed by Indo Tambangraya, which corrected by 9.08% to Rp 2,025 per share.

The mining sector index fell by more than 92.73 points (5.03%) to 1,752.23 during this trading session. As a result, the Jakarta Composite Index (IHSG) corrected by 57.25 points (0.95%) to 5,948.05. Investor concerns about a global economic slowdown, coupled with the fall in crude oil and coal prices, triggered the correction in mining stocks.

For information, the price of Brent crude oil corrected to US$62.53 per barrel, its lowest level since mid-December 2017. Similarly, the price of Australian Newcastle Port Thermal coal (6,000 kcal) fell to US$98.68 per ton, its lowest level since early May of this year.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."