Shares of Indonesian coal miners PT Bumi Resources Tbk, PT Berau Coal Energy Tbk and PT Borneo Lumbung Energi & Metal Tbk surged on Friday as the stocks were looking cheap, traders said.

“Investors might be doing some ‘window dressing’ at the end of the year and looking for stocks that look cheap,’’ said a Jakarta-based trader.

Bumi’s share price jumped by 34 per cent to 71 rupiah ($0), the highest one-day percentage gain in 11 years. The shares are currently trading close to their lowest since 2003, having lost 76 per cent this year.

Another coal miner, Berau Coal, jumped by 24 per cent to 67 rupiah, while Borneo Lumbung gained 18 per cent for the day. So far this year, Berau has lost 64 per cent and Borneo 66 per cent. ($1 = 12,475.0000 rupiah)

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