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Jakarta Post

Nickel, metals lead bullish rally in Indonesian mining stocks

  • Norman Harsono
    Norman Harsono

    The Jakarta Post

Jakarta   /   Thu, November 26, 2020   /  07:37 am
The Jakarta Post Image
A view through a pair of glasses shows a man passing before a giant stock ticker display on March 2, 2019 at the Indonesia Stock Exchange (IDX) in Jakarta. (Antara/Galih Pradipta)

Indonesian mining stocks have reversed the bearish trend to end in green territory on Wednesday while leaving other sectors in the red, as new developments spur investors’ hopes for growth in metals and coal demands. The mining sector gained 3.6 percent year-to-date (ytd) to become the sole index out of nine sectorial indices on the Indonesia Stock Exchange (IDX) to book positive growth, the bourse’s data showed on Wednesday. Other indices have booked negative growth so far this year, with agriculture and consumer goods falling respectively 19.16 percent and 9.49 percent. Meanwhile, the Jakarta Composite Index (JCI) also remained 9.85 percent down in value as of Wednesday. “Expectations over recovery in manufacturing activities drove potentially higher demand” for mining products and generated positive sentiment for mining stocks investment, analyst Rober...