The movement of PT Bumi Resources Tbk’s (BUMI) share on the first trading session in the Indonesia Stock Exchange (BEI) was stalled by auto rejection at the level of Rp67 per share. BUMI’s shares changed hands by as many as 12 947 times, with a volume of 1.9 billion shares and transaction value of Rp 109.52 billion. BUMI also became the stock with the largest trade volume in the first session.
BUMI’s last price showed an increase of 34% compared to the closing price on Thursday (9/6) with Rp50 per share. Rumors in the market price reveal that BUMI was cornered by a certain group of market players to make it more attractive because BUMI promised a debt conversion into equity for a number of its creditors. Earlier, the stock price of BUMI remained at Rp 50 per share since the end of October 2015.
The stock price of BUMI’s subsidiary, PT Bumi Resources Minerals Tbk (BRMS), also increased to Rp 55 per share on the first trading session. Similar to BUMI, the share price of BRMS was also unchanged at Rp 50 per share since August 7, 2015. BRMS’ price had been attempting to ascend several times but returned to a level of Rp50 on May 4, 2016 until yesterday. BRMS’ shares changed hands by as much as 6,314 times with a volume of 963.67 million shares and transaction value of Rp 50.82 billion. (*)
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