JAKARTA (Yosefardi) – The troubled plantation company PT Bakrie Sumatra Plantations (UNSP) Tbk dropped another 5% to Rp55 Tuesday (June 11), the lowest level in its history.
More than 41 million shares were exchanged hands in the morning session, while its average daily trading volume in the past three months is 59 million shares.
Bakrie Sumatra once surged to as high as Rp2500 before the 2008 market collapse, which sent it to as low as Rp200. The stock regained grounds in early 2009 to reach almost Rp1000 in 2009, but has since dropped steadily to below Rp500 in the second quarter of 2010.
Bakrie Sumatra, highly leveraged, rebounded to almost Rp500 in 2011, but declined substantially to as low as Rp55 this morning. Falling prices of crude palm oil and natural rubber also contributed to the downfall.