JAKARTA (Yosefardi) – Plantation stocks fell this morning, led market’s fall as it reversed from opening gain, as investors locked in profits on these stocks after recent gains.
Meanwhile Fitch Ratings said palm oil producers are likely to benefit from a depreciating rupiah as the selling price of their product is quoted in USD.
Astra Agro lost 2.5%, BW Plantation fell 1.1%, London Sumatra declined 1.34% and Salim Ivomas shed 1.4%. Gozco Plantations, Jaya Agra Wattie, Sampoerna Agro and Tunas Baru Lampung were also in red.
Food producer PT Tiga Pilar Sejahtera (TPS) Food Tbk (AISA) is now looking at macroeconomic development before deciding to launch the initial public offering (IPO) of its unit PT Bumiraya Investindo engaged in palm oil plantation.
CPO market which now under declining trend also prompts the company to postpone unit IPO.