Hot stock: Geo Energy up 10.6% on heavy trading after partial lifting of coal export ban

SHARES of mainboard-listed Geo Energy Resources RE4 : RE4 0%rallied on Friday (Jan 21) morning following the Indonesian government's Jan 20 announcement that it would lift its coal export ban on 139 coal mining companies.

Prior to the market open on Friday, the coal producer announced that the list of companies included 3 of its operating coal mines - Sungai Danau Jaya, Tanah Bumbu Resources and Bumi Enggang Khatulistiwa - as they had achieved their 2021 domestic market obligations (DMO).

Geo Energy shares rose as much as S$0.05 or 15 per cent to trade at S$0.38 as at 11.38 am with some 13.1 million securities traded.

It later eased to pause at S$0.365, up S$0.035 or 10.6 per cent ahead of the midday break. Some 18.9 million of its shares had changed hands throughout the morning, making it the third most actively traded counter as at midday.

No married deals were recorded throughout the day, according to ShareInvestor data.

Citing the Jan 20 letter issued by the Indonesian Ministry of Energy and Mineral Resources, S&P Global Platts had reported that the DMO requires mines to supply 25 per cent of their annual output locally.

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Shares of Geo Energy Resources closed S$0.025 or 7.6 per cent higher at S$0.355 on Friday.

READ MORE: 

• Geo Energy Resources hits snag as Indonesia bans coal exports for January

• Indonesia's coal export ban will trigger more volatility in international market: CreditSights

• Geo Energy Resources sees record quarterly results on historically high coal prices

• Indonesia's ban on coal exports likely to have 'serious repercussions' on market: observers