PT Bumi Resources (BUMI) Tbk lost another 3.66% yesterday to Rp1840. BUMI is now the top loser in Top 20 stocks on IDX (by market cap) with 24.1% fall so far this year. Endless announcements (claimed to be the most credible) failed to boost investors’ confidence. Why? Is it because BUMI has increasingly been transformed into a private banking business?

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