JAKARTA (Yosefardi) – While the broader market sentiment on bearish, investors opt to buy shares of PT BW Plantation Tbk (UNSP) this morning. The the stock jumped 8.1% to Rp515 per share at 10.43 am Jakarta time, with over 42 million shares exchanged hands.
BWPT had lost 46% since September 23, 2014 and fallen 61% year to date. The recent fall was due to selloff following the company’s plan to issue new shares at substantial discount to acquire plantation assets of Rajawali Corpora.
Plantation shares were mostly lower as, other than the broad market sentiment, the continuous pressures on palm oil prices weigh on immediate recovery.