
JAKARTA (Nov 3): Shares of PT Malindo Feedmill Tbk , PT Charoen Pokphand Indonesia Tbk and PT Japfa Comfeed Indonesia Tbk fell on Monday after the Indonesian animal feed producers reported weak earnings.
Malindo shares plunged more than 20 percent, Japfa fell over 6 percent and Charoen Pokphand declined around 5 percent. The broader Jakarta stock exchange was down 0.3 percent.
Malindo reported late on Friday a 92 percent plunge in net profit for the nine months ended September from the corresponding period a year earlier.
Mandiri Sekuritas downgraded Malindo to "sell" with a 2,100 rupiah target price, saying the company appeared to be losing its market share to other players and struggling with high costs.
Japfa and Charoen Pokphand also posted a fall in earnings.