JAKARTA (Yosefardi) – Investors aggressively bought property stocks this afternoon trade, mainly for Alam Sutera and Bumi Serpong Damai.
Investors collected again property stocks as this sector valuation have been cheap after falling by up to 40-70% from their peaks year to date.
Broader market sentiment also helped by regional markets which rose to three-month highs in the face of fresh evidence suggesting China could be emerging from an economic slowdown.
At 3.30 pm Jakarta time, Alam Sutera jumped 15.69%, Bumi Serpong surged 12%, Sentul City climbed 7.33%, Pakuwon Jati hiked 7.55%, and Intiland soared 8.33%.
While Lippo Karawaci gained 5.7%, Ciputra Property rose 6.67%, Ciputra Development increased 6.8%, Agung Podomoro gained 5.56%, and Modernland Realty added 3%. Lippo Cikarang jumped 10.38% but in thin volume.
Alam Sutera Tbk (ASRI) gained 5.88%, Bumi Serpong Damai jumped 5.6%, and Sentul City surged 7.3% after reporting a fivefold jump in net profit for first half of this year. Bumi Serpong also recently reported a twofold jump in its net profit for the period.
Pakuwon Jati also rose 3.8%, Lippo Karawaci gained 2.9%, Ciputra Development increased 3.4%, Ciputra Property hiked 2.67%, Modernland lifted 3%, Agung Podomoro climbed 1.9%, and Intiland jumped 5%.