PT Bumi Resources Tbk (BUMI)’s stock price for two trading-day in the Indonesia Stock Exchange (IDX) recorded significant increase and closed at Rp 82 per share. Does it mean that BUMI’s stock is moving towards Rp 100 per share or will it face profit taking?
On Monday’s trade closing (6/13), BUMI’s stock was transacted as many as 23,099 times with transaction volume of 3.34 billion shares and transaction value of Rp 250.44 billion. BUMI’s stock once reached its highest price at Rp 84 per share. In negotiation market, BUMI’s stock transaction volume reached 14.56 million shares. In two days, BUMI’s stock price reached 34% increase on Friday (6/10) and 22.39% on Monday (6/13).
Without strong fundamental factors, BUMI’s stock price hike is prone to profit taking. This is apparent from stock of its subsidiary, PT Bumi Resources Minerals Tbk (BRMS) which on Friday’s trade climbed 12% to Rp 56 per share and then slipped to Rp 51 on today’s trade. BRMS’ stock was transacted as many as 5,546 times with volume amounting to 924.09 million shares and transaction value of Rp 48.18 billion. (*)
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