JAKARTA (Yosefardi) – Shares of retailer Matahari Department Stores (LPPF) dropped as much as 6% to Rp10,250 Monday (June 24), the lowest price since placement of CVC-Lippo Group shares few months back.
More than 1 million shares were exchanged hands in the first hour of trading, when the stock moved in the range of Rp10250-11200.
CVC-Lippo raised around US$1.4 billion from placement of their combined 40% shares in Matahari Department Stores to some investors recently.
Other retailers were also in negative territory led by Hero Supermarket, which lost 7.5%. Sumber Alfaria (Alfamart) lost 2.86%, while Matahari Putra Prima down 2.46%.
Ace Hardware was flat, while Mitra Adiperkasa and Ramayana slipped 1.31% and 0.77% respectively.