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Shares of top Indonesian palm oil companies tumble after export ban

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JAKARTA : Shares of some of Indonesia's biggest palm oil companies fell on Monday after the government announced it would ban exports of cooking oil and its raw material starting April 28 to try to bring down domestic prices. Astra Agro Lestari and Triputra Agro Persada suffered shares losses of more than

JAKARTA : Shares of some of Indonesia's biggest palm oil companies fell on Monday after the government announced it would ban exports of cooking oil and its raw material starting April 28 to try to bring down domestic prices.

Astra Agro Lestari and Triputra Agro Persada suffered shares losses of more than 6 per cent, while Salim Invomas Pratama dropped 5.5 per cent and Sinar Mas Agro Resources and Technology slid 2.75 per cent soon after Monday's market opening. Indonesia, which is the world's top palm oil producer, sent a shockwave through global markets last Friday by announcing the ban.

 

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