JAKARTA (Yosefardi) – Shares of PT Multipolar Tbk (MLPL), member of Lippo Group, dropped 12.33% to Rp320 per share this morning, while its subsidiary Matahari Putra Prima fell 3.2% to Rp1,810.
More than 67 million MLPL shares and 16 million MPPA shares were exchanged hands this morning. MLPL has lost 58% from its peak year to date while MPPA had fallen 42% from its peak.
Meanwhile, shares of Matahari Department Store (LPPF) dropped further 6.8% to Rp10,250 per share 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.
Based on market observation, transactions on Lippo Group’s related stocks, mainly Multipolar and Matahari, have been maintained by such a party, allegedly for the own interest of Lippo Group.
“Trading in Multipolar and Matahari is funny as they gained 10% today but could loss 10% the day after,” one trader shared to Yoserardi News this morning.
People in market have their understanding on Lippo Group’s maneuver in market and financial engineering, another trader commented.