Falls 6.7%, Matahari Trades Below Placement Price

JAKARTA (Yosefardi) – Shares of retailer Matahari Department Stores (LPPF) dropped 6.7% to Rp10,500 this morning, way below the price paid by around 222 investors in March 2013 placement.
Lippo Group and CVC sold portion of Matahari Dept Stores to about 222 investors at Rp10850 per share in March.
The stock surged to as high as 14,500 last month, but then dropped to Rp10,500 this morning.
Sister retailer Matahari Putra Prima (MPPA) also down 3% as peers were mostly in red zone.
ACE Hardware down 2.67% in the opening hour, while Erajaya lost 2.42%, but relatively on thin trading volume.