Jan 7, 2011

Lonsum falls, Kim Eng in biggest net sell

Palm oil player PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Lonsum) dropped 5.83% in five consecutive days to Rp12,000, spurred by massive sell-off.
Rubber in Tokyo slid from a record and India unveiled plans to boost its oil-palm area to cut imports of the vegetable oil.
London Sumatra, Indonesia's second-largest listed plantation company that produces rubber and palm oil, declined 2.4% to Rp12,000 rupiah, set for the sharpest drop since December 17. Rubber for June delivery fell as much as 1.2% to 435.1 yen a kilogram as of 11:06 a.m. in Tokyo.
In 5 consecutive trading days, Lonsum, controlled by PT Salim Ivomas Pratama, Salim Group unit, fell 5.83% from January 3 at Rp12,700 per share.
Kim Eng Securities was the biggest bet seller with Rp105.05 billion, followed by Batavia Prosperindo with Rp23.34 billion net sell.
UBS Securities, DBS Vickers, and OSK Nusadana ranked third, fourth, and fifth with a total net sell on Lonsum stocks at Rp16.26 billion, Rp15.64 billion, and Rp13.92 billion respectively.

Disclosure: No position at the stock mentioned above.  

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