MARKET DEVELOPMENT
Shares of top Indonesian palm oil companies tumble after export ban
Shares of top Indonesian palm oil companies tumble after export ban
24.04.2022 (www.nasdaq.com) - JAKARTA, April 25 (Reuters) - 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 AALI.JK and Triputra Agro Persada TAPG.JK suffered shares losses of more than 6%, while Salim Invomas Pratama SIMP.JK dropped 5.5% and Sinar Mas Agro Resources and Technology SMAR.JK slid 2.75% 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. (Reporting by Bernadette Christina Munthe and Gayatri Suroyo Editing by Ed Davies )
((gayatri.suroyo@thomsonreuters.com; +622129927609; Reuters Messaging: gayatri.suroyo.thomsonreuters.com@reuters.net))