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Unilever's stock falls amid calls for boycott
PT Unilever Indonesia's (UNVR) stock price has declined along with increasing calls for a boycott of its consumer goods, with the downturn linked to allegations of support for Israel.
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Publicly-listed consumer giant Unilever Indonesia's headquarters in BSD, Tangerang. (File/unilever.co.id)
W
ith the Boycott, Divestment, Sanctions (BDS) movement including Unilever in the ranks of companies targeted for boycott, the stock price for PT Unilever Indonesia (UNVR) has fallen, with the downturn linked to allegations of the company's support for Israel.
Reza Priyambada, an analyst from the Indonesian Securities Analyst Association (AAEI), said UNVR's share price performance had shown signs of weakening, in line with significant selling by market participants.
"This corresponds to the massive selling by market participants," Reza said on Monday.
UNVR's highest price in the past two months was recorded on Oct. 25 at Rp 4,080 (26 US cents) per share. However, after reaching its peak, UNVR experienced a steep correction.
According to RTI Business Data, Unilever Indonesia shares opened at Rp 3,590 on Monday and closed 1.67 percent lower at Rp 3,530.
Compared with the previous week, UNVR's share price has corrected by 2.49 percent from Rp 3,620 on Nov. 6.
UNVR continued this trend on Tuesday as it opened down at Rp 3,510.
