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The past two years have been stellar for Indonesia’s pulp and paper stocks. But that hot trade has since fizzled as concerns surrounding slowing global growth and the US-China trade spat depressed demand in the sector.
Shares of PT Indah Kiat Pulp & Paper and PT Pabrik Kertas Tjiwi Kimia soared more than 1,000% in the two years leading up to 2019 -- making them the best performing stocks on Southeast Asia’s benchmark MSCI Asean Index. The surge was partly due to the price of Chinese pulp sky-rocketing in 2017, China’s ban on US waste paper import for a month
